Nigerians Angry as Four Food Items Refuse to Crash in Price, Despite Reduction in Food Inflation
- About four items have refused to crash in prices despite a significant reduction in food prices
- Nigeria’s inflation rate dropped to 32.15 from 34.40% in August 2024, driven mainly by the crash in food price
- The prices of beans, rice, bread and eggs have remained unchanged or increased in prices despite the drop in inflation
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Despite significant reductions in the prices of some food commodities since last month, local rice, beans, eggs, and bread prices have remained steady.
The Nigerian Bureau of Statistics (NBS) disclosed in its report on September 26, 2024, that the commodities recorded between 2.5 and 5.5% price increases in August.
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Beans and egg prices defy inflation drop
According to the report, the average price of brown beans stood at N2,574.63, indicating a 5.31% monthly increase from N2,44.81 in July.
The average price of medium-sized agricultural eggs increased by 5.48% every month to N289.19 in July 2024.
Monthly, sliced bread increased by 2.28% to N1,459.85 from N1,427.25 in July 2024.
Similarly, the average monthly price of 1kg of local rice increased by 3.65% to N1,831 in August 2024 from N1,766.64 in July 2024.
The NBS said the price of these food items rose by 100% yearly.
According to the report, the highest average price of 1kg of brown beans was recorded in Akwa Ibom at N3,276.79, while the lowest was in Adamawa State at N1,710.92.
The highest average price of agric eggs medium was recorded in Niger State at N2,996.92, while the lowest was in Jigawa State at N1,786.01.
States with the highest and cheapest prices
Regarding sliced bread, Rivers State recorded the highest price at N1,850, while Yobe recorded the lowest price at N980.81. Kogi recorded the highest average cost of 1kg of local rice at N2,680.29, while the lowest was reported in Benue at N1,206.84.
NBS, however, also said that the prices of tomatoes and yams crashed monthly in August compared to the previous month.
The statistics body revealed that the price of tomato 1kg crashed by 11.07 by 7.8% to N1,506.35 from N1,693.83 in July 2024.
The report also said that the price of 1kg of yam tuber crashed by 7.8% to N1,661.80 from N1,802.84 in July 2024.
10 most affordable states to live in Nigeria
Legit.ng earlier reported that the National Bureau of Statistics (NBS) has revealed that Nigeria's inflation rate declined in July 2024.
The bureau disclosed this in its latest Consumer Price Index (CPI) data, which showed a downward trend in the inflation rate for the first time in 19 months.
Inflation is a decrease in the purchasing power of money, reflected in a general increase in the prices of goods and services in an economy.
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Source: Legit.ng
