Food prices soared in July –NBS | Ripples Nigeria
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Food prices soared in July –NBS

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The costs of various food items escalated in July, the National Bureau of Statistics (NBS) said in its Selected Food Price Watch July 2020 report on Thursday.

“Selected food price watch data for July 2020 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 1.24% and month on month by 0.27 per cent to N474.12 in July 2020 from N472.83 in June 2020 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 10.61% and month-on-month by 0.66 per cent to N42.45 in July 2020 from N42.18 in June 2020”, the statistics office said.

Read also: BMO knocks Bloomberg over report on surging food prices in Nigeria

Food inflation in Africa’s largest economy rose from 15.18% in June to 15.48% in July, the NBS stated in its Consumer Price Index report on Monday as disposable income faces pressures from a border closure imposed by government a year ago and the coronavirus crisis weigh on cost of living. The figure has been in double digits for over three years.

The new food price watch data noted that the average price of 1kg of rice (imported high quality sold loose) leapt by 37.72% year on year. It, however, increased by 2.23% from N479.74 in June to N490.44 in July.

The average price of 1kg of yam tuber climbed year on year by 50.10% and month on month by 2.29% to N256.44 IN July from N250.70 the month before.

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