• Wednesday, February 21, 2024
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BusinessDay

March food prices rise most in Kwara, Ondo, Lagos

Food prices still surging amid FG’s stabilisation plan

Prices of food in Africa’s biggest economy surged the most in Kwara, Ondo and Lagos in March, according to data from the National Bureau of Statistics (NBS).

In Kwara, the price of food items rose by 28.84 percent, followed closely by Ondo State at 28.22 percent. Lagos came third as food prices spiked 27.92 percent

“In March 2023, Food inflation on a year-on-year basis was highest in Kwara (28.84 percent), Ondo (28.22 percent), and Lagos (27.92 percent),” the report stated, “while Sokoto (18.99 percent), Zamfara (20.57 percent) and Plateau (21.38 percent) recorded the slowest rise in food inflation on a year-on-year basis.”

According to the NBS, the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages (11.42 percent), housing, water, electricity, gas and other fuel (3.69 percent); clothing and footwear (1.69 percent); transport (1.43 percent); and furnishings, household equipment and maintenance (1.11.percent).

Read also: Fostering food security and environmental sustainability

Others are education (0.87 percent); health (0.66.percent); miscellaneous goods and services (0.37 percent); restaurant and hotels (0.27 percent); alcoholic beverage, tobacco and kola (0.24.percent); recreation and culture (0.15 percent) and communication (0.15 percent).

On a month-on-month basis however, March 2023 food inflation was highest in Bayelsa (3.11 percent), Rivers (3.00 percent), and Ondo (2.98 percent), while Bauchi (1.03 percent), Zamfara (1.08 percent) and Ogun (1.13 percent) recorded the slowest rise in food inflation on a month-on-month basis.

On all classification items, the statistics office noted that Ondo, Bayelsa, and Lagos states recorded the highest figures year-on-year, and conversely, Borno, Cross River/Sokoto, and Benue states churned out the least figures under the same period.

Month-on-month, “March 2023 recorded the highest increases in Bayelsa (2.58 percent), Nasarawa (2.54 percent), Lagos (2.41 percent), while Anambra (1.03 percent), Ebonyi (1.14 percent) and Zamfara (1.27 percent) recorded the slowest rise on month-on-month inflation.”