Price of 1kg of Rice Increased By 40.69% YoY in August 2020 – NBS

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The National Bureau of Statistics (NBS) said the average price of some selected food items in the country increased in August.

NBS said this in its “Selected Food Price Watch (August 2020)’’ report released on its website.

The bureau said the selected food price watch data for November 2019 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 3.70% and month-on-month by 1.02% to N478.97 in August 2020 from N474.12 in July 2020 while the average price of a piece of Agric eggs medium size (the price of one) increased year-on-year by 5.44% and month-on-month by 0.76% to N42.78 in August 2020 from N42.45 in July 2020.

According to the report, the average price of 1kg of tomato increased year-on-year by 29.48% and decreased month-on-month by -4.65% to N289.86 in August 2020 from N304.01 in July 2020.

Also, the average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 40.69% and month-on-month by 2.30% to N501.71 in August 2020 from N490.44 in July 2020.

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Similarly, the average price of 1kg of yam tuber increased year-on-year by 34.74% and decreased month on month by -0.15% to N256.06 in August 2020 from N256.44 in July 2020.

On a segmented basis, the food inflation sub-index rose from 15.48% y/y in July-2020 to 16.0% y/y in August-2020. Food prices increased 1.67% m/m (vs. 1.52% in July). Clearly, the sustained shortfall in domestic food supply relative to the demand, continued closure of land borders, increased input cost and FX market illiquidity, fueled the increases in food prices during the period.

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Elsewhere, the core inflation sub-index inched up by 10.52% y/y (vs. 10.10% y/y in May2020). Also, m/m pressure went up to 1.05% (vs. 0.75% in July-2020). Notably, across the components of the core inflation sub-index, the highest increases were recorded in the Health and Transport segment.

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In August 2020, food inflation on a year on year basis was highest in Kogi (22.03%), Kwara (19.11%) and Edo (17.95%), while Gombe (14.33%), Kano (13.99%) and Bauchi (13.42%) recorded the slowest rise.

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On month on month basis, however, food inflation was highest in Ogun (3.27%), Lagos (3.13%) and Abia (2.81%), while Plateau (0.67%), Zamfara (0.24%) and Sokoto (0.13%), recorded the slowest rise.

The NBS said in arriving at the report, fieldwork was done by more than 700 NBS staff in all states of the federation supported by supervisors who were monitored by internal and external observers.

It said the NBS audit team subsequently conducted randomly selected verification of the prices recorded.

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Price of 1kg of Rice Increased By 40.69% YoY in August 2020 - NBS - Brand SpurPrice of 1kg of Rice Increased By 40.69% YoY in August 2020 - NBS - Brand Spur

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Price of 1kg of Rice Increased By 40.69% YoY in August 2020 - NBS - Brand SpurPrice of 1kg of Rice Increased By 40.69% YoY in August 2020 - NBS - Brand Spur

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