By – Abba Hamisu Sani
Africa-Press – Nigeria. The biggest economic challenge faced by Nigerians is the high inflation, which keeps increasing, especially within the months of June, July, and August.
Available statistics indicated that Inflation slowed down for the second to 32.2% in August 2024, the softest in six months, from 3.4% in July.despite the six-month duty-free window for wheat imports. Prices also slowed down for housing and utilities (28.2% vs 23.3%). However, core price growth, which excludes agricultural produce and energy, quickened to 27.6 % from 270.5%.On a monthly basis, consumer prices increased by 2.22% in August, compared to 2.28% in the prior months.
Recent Inflation rate plus NBS statistics
The National Bureau of Statistics (NBS) says prices of beans, bread, yam, rice, and other food items increased in August 2024.
This was indicated in the NBS selected food prices Watch report for August, which said the average price of 1 kilogram of brown beans stood at 2,574.63 naira (about 1.5 dollars).
On a year-on-year basis, NBS said the price increases by 271.55 percent, when compared to 271.55 percent recorded in August 2023.
Also, the price increases by 5.31 percent on a month-on-month basis from 2,444.81 in July 2024.
The NBS added that the price of medium-sized agricultural eggs (12 pieces) increased by 121.92 percent on a yearly basis from 1,031.55 naira recorded in August to 2,289.19 in the same month this year.
“On a month-on-month basis, the average price of this item rose by 5.48% from 2,170.17 naira in July 2024,” NBS said.
The report said the average price of sliced bread increased by 113.16 percent on a year-on-year basis to 1,459.85 in August, compared to the 684.85 naira reported in the same period in 2023.
On a month -on- -monthly basis, the Bureau of Statistics stated that the price increased by 2.28 percent from the 1,427.25 recorded in July.
The NBS also added that the average price of 1 kg of local rice rose by 148.41 percent on a year-on-year basis from 737.11 recorded in August 2023 to 1,831.05 in August 2024.
“On a month-on-month basis, it increased by 3.65 percent from 1,766.64 recorded in July 2024, “the report said.
The Bureau said the average price of 1 kilogram of a tuber of yam increased by 188.31 percent on a year-on-year basis from 576.39 in August 2023 to 1,661.80 in August 2024.
However, NBS said on a month-on-month basis, the price decreased by 7.82 percent from 1,802.84 recorded in July.
The Statistical Agency expressed that the average price of tomatoes increased on a year-on-year basis by 171.72 percent from 554.37 recorded in August 2023 to 1,506.35 in August 2024.
“However, on a month-on-month basis, the average price of 2 kilograms of tomato declined by 11.07 percent from 1,693.83 in July 2024 to 1,506.35 in August, “the NBS stated.
The states with the high rate of prices
According to NBS, the highest average price of 1 Kilogram of brown beans in August 2024 was recorded in Akwas Ibom at 3,276.79, while the lowest was reported in Adamawa at 1,710.92.
Niger State also recorded the highest average price of medium size agric eggs (12 pieces) at 2,996.92, while the lowest was recorded in Jigawa State at 1,786.01.
The NBS said the highest average price of sliced bread was recorded in Rivers at 1,850, while the lowest price was reported in Yobe state at 908.81.
While Kogi State recorded the highest average price of 1 kilogram of local rice at 2,680.29 the lowest was reported in Benue at 1,206.84.
The report said the highest price of 2 kilograms of tomato was reported in Abuja at 2,2306.31, while the lowest price was recorded in Kaduna State at 734,94.
The price differences at zonal levels
Analysis by zone shows that the average price of 1 kilogram of brown beans was highest in the south-south at 3,165.11, followed by the north-central at 2,900.86.
“The lowest price was recorded in the Northwest at 2,982.78,” the NBS said.
The Bureau said the North Central and Southeast recorded the highest average price of medium-sized agricultural eggs (12 pieces) at 2,789.15 and 2,438.6 respectively, while the lowest price was recorded in the North-west at 1,963.65.
According to the statistics of NBS, the South-south recorded the highest average price of sliced bread at 1,785,56, followed by the south-east at 1,635.73.
NBS said the southwest and the south-south recorded the highest average price of 2 kilograms of local rice at 1,969.87 nairas and 1,886.32, respectively, while the North-west recorded the lowest price of 1 kg of local rice at 1,591.21.
However, the differences in the prices of commodities in different locations or zones are a result of transportation costs as different geo-political zones produce various goods, particularly Agro products.
The products produced in the North itself differ because of vegetation. This is also similar to the South as each location has its peculiarity.
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