Price of Beef rose by 28.75% in one year – NBS
The price of beef in Nigeria rose by 28.75% in one year as the average price stood at N2,377.29 in December 2022 compared to N1,846.39 recorded in December 2021.
This was disclosed by the NBS in the ‘Selected Food Price See for December 2022’ report released on Friday.
They also revealed the average price of 1kg of Tomato on a year-on-year basis rose by 28.40% from N357.03 in December 2021 to N458.42 in December 2022.
Beef and Rice: NBS said the price of beef rose by 28.75% for the period, meanwhile 1kg rice increased by 19.21% for the same period.
- “The average price of 1kg beef boneless stood at N2,377.29 in December 2022. This indicated that on a year-on-year basis, the price rose by 28.75% from the value recorded in December 2021 (N1,846.39), and 1.70% on a month-on-month basis from N2,337.46 in November 2022.
- “The average price of 1kg rice (locally sold loose) increased on a year-on-year basis by 19.21% from N424.62 in December 2021 to N506.17 in December 2022. On a month-on-month basis, the average price of this item increased by 1.07% in December 2022.
Tomatoes and Onions: The average price of 1kg of Tomato on a year-on-year basis rose by 28.40%, with Onions prices growing by 25.64% for the same period.
- “The average price of 1kg of Tomato on a year-on-year basis rose by 28.40% from N357.03 in December 2021 to N458.42 in December 2022. Also, on a month-on-month basis, it increases to 0.72% from N455.13 in November 2022. Similarly, the average price of 1kg of onion bulb rose by 25.64% on a year-on-year basis from N346.96 in December 2021 to N435.93 in December 2022. While on a month-on-month basis, the price rose by 2.40%.”
They added the average price of Palm oil: (1 bottle, specify bottle) increased by 28.73% from N795.57 in December 2021 to N1,024.13 in December 2022, adding it also grew by 1.74% on a month-on-month basis.
At the state level, the highest average price of rice (locally sold loose) was recorded in Rivers with N655.92, while the lowest was recorded in Jigawa with N386.01.
Cross-rivers recorded the highest average price of 1kg onion bulb with N1,013.96, while the lowest was reported in Kogi with N198.12.
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Nigeria’s inflation rate surprisingly eased to 21.34% in December 2022 despite the Christmas and New year festivities, dropping from 21.47% recorded in November.
Food inflation fell to 23.75% in December 2022 from 24.13% recorded in the previous month. Meanwhile, compared to the corresponding period of 2021, the rate increased by 6.38% points from 17.37%.
- According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, and other food Products.
- The average annual rate of food inflation for the twelve months ending December 2022 over the previous twelve-month average was 20.94%, which is 0.53% points higher than the average annual rate of change recorded in December 2021 (20.40%).