Foodstuff Prices Fall, Despite Rise In Inflation

Despite the recent rise in inflation rate, data show that foodstuff prices have been on the decline.

The National Bureau of Statistics (NBS) reported that inflation rate rose to 11.23 per cent in August, up from 11.14 per cent recorded in July this year. However, decline in prices of foodstuff showed that something else may have been responsible for triggering upward surge in inflation rate.

Data from NBS showed that in August 2018, the average price of 1 dozen of agric eggs medium size decreased year-on-year by -2.28 per cent by 0.50 per cent to N474.13 in August 2018 from N471.75 in July 2018.

The average price of piece of agric egg medium size (price of one) fell by 2.62 per to N41.79 in August 2018 from N41.22 in July 2018.

Similarly, the average price of 1kg of tomato decreased year-on-year by -21.94 per cent and increased month-on-month by 0.11 per cent to N336.65 in August 2018 from N336.29 in July 2018.

The average price of 1kg of rice (imported high quality sold loose) decreased year-on-year by -2.43 per cent and increased month-on-month by 1.14 per cent to N375.02 in August 2018 from N370.79 in July 2018.

Similarly, the average price of 1kg of yam tuber decreased year-on-year by -14.68 per cent and month-on-month by 4.32 per cent to N292.97 in August 2018 from N280.83 in July 2018.

The CBN governor, Godwin Emefiele, blamed the recent rise in inflation on increased election spending.