Average Price Of 1kg Of Yam Tuber Decreased By 5.18% In November – NBS

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The National Bureau of Statistics, NBS, on Thursday said that the price of yam decreased in November 2018. According to the bureau, the average price of 1kg of yam tuber increased year-on-year by 12.66% and decreased month-on-month by -5.18% to N239.15 in November 2018 from N252.21 in October 2018.

Data released by the Bureau for November 2018, tagged ‘Selected Food Price Watch’ revealed that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 3.16% and month-on-month by -1.06% to N477.76 in November 2018 from N482.90 in October 2018 while the average price of piece of Agric eggs medium size(price of one) increased year-on-year by 3.89% and month-on-month by 1.62% to N42.40 in November 2018 from N41.73 in October 2018.

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Brand Spur Nigeria on Tuesday reported that the NBS disclosed the food inflation rate in Nigeria  was highest in Edo (2.68%), Kwara (2.67%) and Nasarawa (2.16%), while Bayelsa, Delta, Ebonyi, Kaduna, Kogi, Taraba and Yobe all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in November 2018.

The composite food index rose by 13.30 per cent in November 2018 compared to 13.28 per cent in October 2018.

Further analysis of the report showed that the average price of 1kg of tomato increased year-on-year by 2.79% and decreased month-on-month by 3.99% to N294.36 in November 2018 from N306.59 in October 2018.

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Also, the average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 4.38% and month-on-month by 0.96% to N376.63 in November 2018 from N373.04 in October 2018.

Notably, the slight pressure on the food inflation sub-index can be attributed to rising demands for Agric. products in the run-up to December festivity, offsetting the improvement in the supply of agricultural produce in the run-up to the month in view as cases of farmland flooding waned. On the other hand, the slowdown in the y/y core inflation subindex can be attributed to continued stability prices in the other components of the subindex except for energy prices which remained largely volatile during the month.

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