Food prices in Nigeria soar yearly – NBS

In the Bureau’s ‘Selected Food Price Watch for November 2022,’ data shows that the average price of 1kg beef boneless stood at N2,337.46 in November 2022.

This indicated that on a year-on-year basis, the price for meat rose by 29.00% from the value recorded in November 2021 which was N1,812.03), and 3.14% on a month-on-month basis from N2,266.24 in October 2022.

Also, according to the data released by the NBS, the average price of 1kg rice (locally sold loose) increased on a year-on-year basis by 18.95% from N421.02 in November 2021 to N500.80 in November 2022.

“On a month-on-month basis, the average price of this item increased by 2.73% in November 2022,” a summary of the report published on the NBS website reads.

In addition, the average price of 1kg of Tomato on a year-on-year basis rose by 30.18% from N350.15 in November 2021 to N455.13 in November 2022.

Also, on a month-on-month basis, it increased to 0.15% from N454.46 in October 2022.

“Similarly, the average price of 1kg bean brown (sold lose) rose by 18.03% on a year-on-year basis from N490.19 in November 2021 to N578.55 in November 2022. While on a month-on-month basis, the price rose by 2.45%,” the report added.