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Prices of Food Items Increase by 7.8%- NBS

 

Prices of four food items including tomatoes, yam, rice, agric eggs and local eggs increased by 7.8 per in November data from the National Bureau of Statistics have shown.

The NBS in its selected food price watch for November reported that the average price of medium -sized  agric eggs was N463.91 per dozen  in November, against N462.46 in October, reflecting a price increase of 0.31 per cent.

According NBS the item, however, decreased year-on-year by 2.90 per cent.

an18.27 per cent year-on-year price increase.

Similarly, the average price of 1kg of yam tuber increased month-on month by 13.05 per cent  to N203.20 in November 2019 from N179.75 in October 2019.

The commodity decreased year-on-year by 15.03 per cent.

In addition to purchases in November ahead of the December celebrations, the period was also marked by three months of border closure in which goods like rice were barred from coming into the country from neighbouring Republic of Benin, Niger and other countries.

The border closure which came into effect on August 28 has seen prices of food increasing.

Experts have said the border closure had made life difficult for an average Nigerian with very low purchasing power.

The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, had suggested that instead of a blanket closure, the capacity of local producers need to boosted while there was a phased closure,  just like they did for the cement sector.

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