Rice, Beans, Tomato Jerked Up December’s Inflation

The eight-month reduction in Nigeria’s inflation was broken in December following a 0.23 percentage point increase as a result of the movement in the prices of mainly rice, bean and tomato.

Economic Confidential had reported that the 15.63 inflation figure recorded in December was a result of a rise in the food index which increased to 17.4 per cent during the period as against 17.21 per cent in November.

A new report released by the National Bureau of Statistics (NBS) yesterday titled: “Selected Food Price Watch for December 2021”, revealed that the average prices of most food products saw an increase when compared to the previous month and the same month of the previous year.

According to the report, the decline in the average price was only recorded in “broken rice (ofada)” and “garri (white) sold loose” which prices declined month-on-month by -0.09 per cent and -0.92 per cent respectively.

The report revealed that the average price of 1kg of bean (white black eye, sold loose) rose on a month-on-month basis by 0.85 per cent from N476.76 in November to N480.79 in December, 2021. Similarly, there was an increase on a year-on-year basis by 55.56 per cent from N309.07 in December, 2020 to N480.79 in December, 2021.

In the same vein, the average price of 1kg of frozen chicken increased from N2164.76 in November, 2021 to N2249.78 in December, 2021. The report noted that the price was a 3.93 per cent increase. The average price of 1kg frozen chicken rose by 16.02 per cent on a year-on-year basis from N1939.17 in December, 2020 to N2164.76 in December, 2021.

“In addition, the average price of 1kg of Tomato in December, 2021 increased by 2.12 per cent from N349.60 in November to N357.03 in December, 2021. The average price of 1kg of “Rice Agric Sold loose” in December, 2021 stood at N476.44 this showed an increase of 1.47 per cent when compared to N469.53 in November. 2021. In the same way, on a year-on-year basis, there was an increase of 6.18 per cent from N448.71 in November, 2020,” the report noted.

The report added that the average price of a tuber of yam in December, 2021 rose by 40.81 per cent on a year-on-year basis and 0.37 per cent on a month-on-month basis, from N327.53 in November, 2021 and N233.48 in December, 2020 to N328.75 in December, 2021.

For the average prices in geopolitical zones, the South South and South-East regions recorded the highest prices of rice local sold loose with N513.74 and N477.98 while the North East region had the lowest price with N357.17.

“The average price of 1kg of tomato in the South South and South East stood at N575.77 and N559.61, while North East recorded N147.17, and the average price of a tuber of yam was highest in the South West and South South, with N494.87 and N445.88 respectively with the North East recording the least with N131.76.”

Meanwhile, Ebonyi, Anambra and Enugu recorded the highest average prices for beans (white black eye, sold loose) with N888.57, N880.99, and N783.95 respectively, per 1kg. The least average prices were recorded in Bauchi (N240.00) Adamawa (N254.81) and Borno (N257.92).

Likewise, Enugu, and Imo states, as well as Abuja, recorded the highest prices for frozen chicken with N3,660.00, N3400.00 and N2800.00 respectively while Taraba, Gombe and Adamawa recorded the least average price with N1368.41, N1400.00, and N1493.15 respectively.