NBS says prices of some food items dropped in August versus July
By Jeph Ajobaju, Chief Copy Editor
Prices of some food items, including tomato and yam, dropped in August versus July, the National Bureau of Statistics (NBS) disclosed in its latest Food Prices Watch but the data plays down the costs of other staple foods such as rice, beans, and bread which are stable or rising, depending on location.
The NBS said in its Selected Food Prices Watch for August 2024 that the prices of tomato and yam reduced month-on-month (MoM) in August against July but rose year-on-year (YoY).
According to its data, the cost of 1kg of tomatoes slashed 11.07 per cent from N1,693.83 in July 2024 to N1,506.35 in August.
The average price of 1kg of yam tubers reduced -7.82 per cent from N1,802.84 in July. YoY, it increased 188.31 per cent from N576.39 in August 2023 to N1,661.80 in July 2024.
The data shows the prices of rice, beans, bread, and eggs all continue to rise.
August headline inflation was 32.15 per cent and food inflation 37.52 per cent, the NBS said.
Centre for the Promotion of Private Enterprise (CPPE) Executive Director Muda Yusuf urged the government to accelerate the 150-day zero-tariff waiver on rice, grain, sorghum, millet, maize, wheat, and beans to mitigate food price hikes.
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