AVERAGE PRICES OF EGGS, RICE & YAMS INCREASED IN FEBRUARY – NBS

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

Free 250,000 FG/CAC Business Names Registration for MSMES

Business formalisation Support of the Micro, Small & Medium Enterprises (MSMEs) Survival Fund As part of Federal Government’s post-Covid-19 Pandemic...
- Advertisement -

The average price of imported rice increased by 1.24% in February, the National Bureau of Statistics, NBS, has said.

The NBS, in its “Selected Food Price watch data for February 2018” released on Wednesday in Abuja, noted that one kilogram (1kg) was sold for N365.21 in February 2018 from N360.76 in January 2017.

According to the report, average price of 1 dozen of Agric eggs medium size decreased year-on-year by 0.21% and month-on-month by 18.75% to N519.07 in February 2018 from N437.13 in January 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -3.81% and month-on-month by 6.24% to N41.27 in February 2018 from N38.85 in January 2018.

It further stated that the average price of 1kg of tomato increased year-on-year by 12.88% and decreased month-on-month by – 1.80% to N267.10 in February 2018 from N271.99 in January 2018

- Advertisement -

Similarly, the average price of 1kg of yam tuber increased year-on-year by 7.10% and month-on-month by 1.92% to N230.85 in February 2018 from N226.51 in January 2018.

According to the NBS, the major items responsible for the sustained pressure on the food index, albeit at a much slower rate, were prices of bread and cereals, vegetables, potatoes, yam and other tubers, coffee tea and cocoa, milk cheese and eggs and fish. For the headline index, the highest increases were observed in the prices of bread & cereals, vegetables, meat, potatoes, yam & other tubers, coffee, tea & cocoa, amongst other items.

Read Also:  After Ten-Years Of Neglect, Governor Akeredolu Acquires Prado SUVs For Judges In Ondo

Imported Food Inflation is the highest of all major sub-indices tracked by the National Bureau of Statistics – a record it has held since August 2017. This is despite improved currency liquidity and relative stability in the dollar/naira exchange rate in recent times, as well as only mild global food price pressure. On another note, whilst we acknowledge imminent excise duty hikes, we expect only a marginal effect on inflation as alcohol & tobacco products account for barely 1% of the Consumer Price Index. However, we remain cautious about the sustainability of food inflation moderation through the year in light of disruptions to farming activities as a result of the herdsmen conflict.

Read Also:  After Ten-Years Of Neglect, Governor Akeredolu Acquires Prado SUVs For Judges In Ondo

According to the NBS, over 700 staff were sent to all the states of the Federation for the field work and were supervised by experts.

- Advertisement -

Prices were, thereafter, collected across all the 774 local governments across all states and the FCT from over 10,000 respondents, locations and analyzed, it explained.

CLICK HERE TO DOWNLOAD THE FULL REPORT…

AVERAGE PRICES OF EGGS, RICE & YAMS INCREASED IN FEBRUARY - NBS - Brand Spur

- Advertisement -
AVERAGE PRICES OF EGGS, RICE & YAMS INCREASED IN FEBRUARY - NBS - Brand SpurAVERAGE PRICES OF EGGS, RICE & YAMS INCREASED IN FEBRUARY - NBS - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

AVERAGE PRICES OF EGGS, RICE & YAMS INCREASED IN FEBRUARY - NBS - Brand SpurAVERAGE PRICES OF EGGS, RICE & YAMS INCREASED IN FEBRUARY - NBS - Brand Spur

Latest News

Nigerian Breweries Generated N6.9 Billion PAT… Declared 25 Kobo Interim Dividend

Nigerian Breweries Plc (NB) Q3-2020 financials show a contraction in gross revenue by 0.7% to N234.04 from the N235.68bn generated...

Nestle Grew Revenue by 0.66% in Q3-2020, Proposed an Interim Dividend of N25.00

Nestlé Nigeria Plc (NESTLE) Q3-2020 financials shows gross earnings grew by 0.66% on the back of 0.40% and 16.05% increase in Domestic and Export...

The 5 Biggest Internet Of Things (IoT) Trends In 2021 Everyone Must Get Ready For Now

The Internet of Things (IoT) is one of the most prominent tech trends to have emerged in recent years. In simple terms, it refers...

AB InBev sees improvement with higher beer sales in Q3

AB InBev has recorded an improvement in its third-quarter results, led by the continued strength of the premiumisation trend with innovations such as its...

Fundall Raises $150,000 in Pre-seed Funding

As the Fintech industry continues to rethink how Nigerians manage money and transact funds, Fundall — one of its latest startups and direct challenger...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -AVERAGE PRICES OF EGGS, RICE & YAMS INCREASED IN FEBRUARY - NBS - Brand SpurAVERAGE PRICES OF EGGS, RICE & YAMS INCREASED IN FEBRUARY - NBS - Brand Spur