Food prices soar in July – NBS

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Food prices soar in July - NBS
Food prices soar in July - NBS

The National Bureau of Statistics (NBS) has released its Selected Food Prices Watch Report for July 2023, revealing increases in the prices of various food items.

According to the report, the average price of 1kg of boneless beef rose by 30.17% year-on-year, from N2,118.84 in July 2022 to N2,758.13 in July 2023.

Food prices records 3.96% increase in July

On a month-on-month basis, it increased by 3.96% in July compared to June 2023.

Similarly, the average price of 1kg of tomatoes increased by 24.88% year-on-year, 1kg of brown beans (sold loose) rose by 19.73%, 1kg of onion bulbs increased by 26.65%, and 1kg of yam tuber saw a 38.40% year-on-year price hike.

1 litre of palm oil recorded a 35.70% year-on-year price increase.

The report also provided state and regional breakdowns of food prices, revealing variations in prices across different locations in Nigeria.