How food prices rose in January – NBS

Average food prices rose by 29.72 percent from the value recorded in January 2022 (N1,864.70) and 1.75% on a month-on-month basis from N2,377.29 in December 2022.

The National Bureau of Statistics (NBS) made this known in its document titled: “Selected food price watch for January 2023.”

The report shows that the average price of 1kg Beef boneless stood at N2,418.91 in January 2023.

According to NBS: “This indicated that on a year-on-year basis, the price rose by 29.72% from the value recorded in January 2022 (N1,864.70), and 1.75% on a month-on-month basis from N2,377.29 in December 2022.”

The report noted the average price of 1kg Beans brown, sold loose increased on a year-on-year basis by 19.06% from N498.85 in January 2022 to N593.96 in January 2023. On a month-on-month basis, the average price of this item increased by 1.33% in January 2023.

NBS said the average price of 1kg of Rice (locally sold loose) on a year-on-year basis rose by 19.67% from N430.21 in January 2022 to N514.83 in January 2023.

It added that on a month-on-month basis, it increased by 1.71% from N506.17 in December 2022.

NBS said: “Similarly, the average price of 1kg of Onion bulb rose by 21.28% on a year-on-year basis from N368.10 in January 2022 to N446.44 in January 2023.

“While on a month-on-month basis, the price rose by 2.41%. In the same vein, the average price of Vegetable oil (1 bottle, specify bottle) stood at N1,183.67 in January 2023, showing an increase of 28.55% from N920.76 in January 2022.

“On a month-on-month basis, it rose by 1.89% from N1,161.76 in December 2022.”