Food Prices Continue To Increase In August — NBS

The National Bureau of Statistics (NBS) has stated that there was a continuous increase in the prices of foodstuffs in the month of August.

NBS stated this in it Food Price Watch report for the month of August.

According to the report, the average price for 1kg of Rice locally sold loose in August 2023 was N738.74.

This reflects a substantial 62.68% year-on-year increase from August 2022 (N454.10). On a month-on-month basis, there was a 13.04% increase from July 2023 (N653.49).

The report stated; “The average price for 1kg of Beef boneless in August 2023 was N2,799.51.

“This represents a 30.75% increase compared to August 2022 (N2,141.18).

On a month-on-month basis, there was a 1.50% increase from July 2023 (N2,758.13).

“The average price for 1kg of Beans brown (sold loose) in August 2023 was N692.95.

“This indicates a 27.00% year-on-year increase from August 2022 (N545.61).

“On a month-on-month basis, there was a 3.88% increase from July 2023 (N673.53).

“On a month-on-month basis, there was a 6.86% increase from July 2023 (N539.41).

“The average price for 1 bottle of Vegetable oil in August 2023 was N1,389.14.

“This indicates a 32.36% year-on-year increase from August 2022 (N1,049.49).

“On a month-on-month basis, there was a 1.76% increase from July 2023 (N1,365.17).”

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