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NBS: Average Price Of 1kg Of Rice Increases By 19.30% In February 2023

 

 

The National Bureau of Statistics (NBS) has disclosed that the average price of 1kg of Rice (locally sold loose) on a year-on-year (YoY) basis rose by 19.30per cent from N436.58 in February 2022 to N520.84 in February 2023.

NBS made the disclosure in its “selected food price watch” report released on Monday.

The bureau revealed that on a month-on-month basis, the average price of rice increased by 1.17per cent from N514.83 in January 2023.

NewsBeatng reports that the survey was a reflection of the general increase in price of foodstuffs on the backdrop 21.19 per cent inflation rate in February 2023.

According to the report, the average price of 1kg Beef boneless stood at N2,445.96 in February 2023, indicating that on a year-on-year basis, the price rose by 27.43per cent from the value recorded in February 2022 (N1,922.2), and 1.12per cent on a month-on-month basis from N2,418.91 in January 2023.

The average price of 1kg of Tomato increased on a year-on-year basis by 19.08 per cent from N393.08 in February 2022 to N468.09 in February 2023.

“On a month-on-month basis, the average price of this item increased by 0.22 per cent  in February 2023.

“Similarly, the average price of 1kg of Onion bulb rose by 18.99 per cent on a year-on-year basis from N378.26 in February 2022 to N450.07 in February 2023.

“While on a month-on-month basis, the price rose by 0.81 per cent.

“The average price of 1kg Yam tuber on a year-on-year basis rose by 28.45 per cent from N339.76 in February 2022 to N436.41 in February 2023. Also, on a month-on-month basis, it increased by 1.17 per cent from N431.36 in January 2023.

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“In the same vein, the average price of Vegetable oil (1 bottle, specify bottle) stood at N1,196.68 in February 2023, showing an increase of 25.91 per cent from N950.46 in February 2022. On a month-on-month basis, it rose by 1.10per cent from N1,183.67 in January 2023.”

“At the state level, the highest average price of 1kg Beef boneless was recorded in Anambra at N3,103.26, while the lowest was recorded in Kogi at N1,770.00.

“Cross river recorded the highest average price of 1kg Onion bulb with N1,058.61, while the lowest was reported in Adamawa at N194.44. In addition, Abia recorded the highest price of Vegetable oil (1 bottle, specify bottle) at N1,615.24, while Benue recorded the lowest at N710.00.”

According to NBS report, analysis by zone showed that the average price of 1kg of Tomato was higher in the SouthSouth and South-East with N812.55 and N649.03 respectively, while the lowest was recorded in the North-East with N232.78.

“The South-South recorded the highest average price of 1kg Rice (locally sold loose) with N599.29, followed by the South-West with N599.12, while the lowest was recorded in the North-West with N451.70,” the report added.

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