Food Price Watch: Prices of Rice, Eggs fall while Yam and Tomato increased in June

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The National Bureau of Statistics says the average price of one kilogram of yam tuber increased year-on-year by 4.67% and month-on-month by 4.93% to N305.70 in June 2018 from N291.33 in May 2018.

The NBS disclosed this in a Selected Food Price Watch Data for June made available to Brand Spur Nigeria.

The bureau said that the average price of 1kg of tomato decreased year-on-year by -15.29% and increased month-on-month by 3.43% to N317.67 in June 2018 from N307.14 in May 2018.

The report stated that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 4.88% and decreased month-on-month by -1.62% to N539.75 in June 2018 from N548.66 in May 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -8.61% and month-on-month by -0.92% to N41.38 in June 2018 from N41.77 in May 2018.

According to the report, the average price of 1kg of rice (imported high quality sold loose) decreased year-on-year by -10.19% and month-on-month by -0.31% to N373.47 in June 2018 from N374.63 in May 2018.

The National Bureau of Statistics (NBS) yesterday released the inflation rate for the month of Jun-18, with headline inflation easing to 11.2% y/y (1bps above our forecast 11.1%y/y), the 17th the consecutive decline since Jan-17.

Food items remained the major drivers of the general increase in prices with food items such as potatoes, yam & other tubers, bread & cereals, vegetables, milk, cheese & egg, fruits, meat, oil & fat, and fish printing the highest price increases, according to the NBS.

CLICK HERE TO DOWNLOAD THE JUNE FOOD PRICE WATCH…