According to the August 2023 NBS Food Price Watch report, food prices continued to surge throughout the month. Here’s a breakdown of the key findings:
Rice (1kg – locally sold loose):
- August 2023: N738.74
- Year-on-Year Increase (August 2022 to August 2023): 62.68%
- Month-on-Month Increase (July 2023 to August 2023): 13.04%
Beef Boneless (1kg):
- August 2023: N2,799.51
- Year-on-Year Increase (August 2022 to August 2023): 30.75%
- Month-on-Month Increase (July 2023 to August 2023): 1.50%
Beans Brown (1kg – sold loose):
- August 2023: N692.95
- Year-on-Year Increase (August 2022 to August 2023): 27.00%
- Month-on-Month Increase (July 2023 to August 2023): 3.88%
Onion Bulb (1kg):
- August 2023: N513.29
- Year-on-Year Increase (August 2022 to August 2023): 30.54%
- Month-on-Month Increase (July 2023 to August 2023): 2.10%
Yam Tuber (1kg):
- August 2023: N576.39
- Year-on-Year Increase (August 2022 to August 2023): 42.80%
- Month-on-Month Increase (July 2023 to August 2023): 6.86%
Vegetable Oil (1 Bottle):
- August 2023: N1,389.14
- Year-on-Year Increase (August 2022 to August 2023): 32.36%
- Month-on-Month Increase (July 2023 to August 2023): 1.76%
Regional Analysis:
- Beef Boneless (1kg) – Highest in South-East (N2,234.60), followed by South-South (N2,312.05), and lowest in North-Central (N1,960.65).
- Rice (1kg – locally sold loose) – Highest in South-East (N887.13) and South-South (N809.15), lowest in North-Central (N612.78).
- Beans Brown (1kg – sold loose) – Highest in South-East (N945.63), followed by South-West (N750.00), lowest in North-Central (N567.67).
- Onion Bulb (1kg) – Highest in South-East (N712.01) and South-South (N699.47), lowest in North-East (N355.56).
- Yam Tuber (1kg) – Highest in South-West (N766.48) and South-South (N721.37), lowest in North-East (N361.21).
- Vegetable Oil (1 Bottle) – Highest in North-Central (N1,335.56) and North-East (N1,297.21), lowest in South-West (N920.00).
The report indicates significant price increases in various food items, posing challenges for consumers across regions.