Onions, plantain, and sweet potatoes were food items that recorded the highest price increase within one year, according to the National Bureau of Statistics (NBS).
The latest selected food prices report released Wednesday by the NBS shows that the above food items saw the highest increases in December 2023 compared to its corresponding period of 2022.
The average price of 1kg of Onion bulb rose 122.9 percent to N971.9 in December 2023 from N435.9 in the same period of 2022.
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The price of 1kg plantain (unripe) increased by 114.6 percent to N746 from N347.7, while price of the ripe one grew by 101.5 percent to N758 from N376.2.
The price of 1kg of potatoes (sweet) rose by 105 percent while the 1kg price of Irish potatoes climbed 85.8 percent compared to its price in December 2022.
Other food items that gulped most of Nigerians’ income are yam tuber (1kg) which increased by 92.5 percent to N818.9 from N425.5; chicken feet (1kg) grew by 81.7 percent; and 1kg of local rice, 81.4 percent.
In the NBS’ latest Consumer Price Index (CPI) report, food inflation rose to 33.93 percent in December 2023 from 23.75 percent in December 2o22, and 32.84 percent in November 2023.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables, milk, cheese, and eggs,” the NBS said.
Food inflation, which constitutes 50 percent of the inflation rate, was the major factor that pushed the country’s headline inflation to 28.92 percent in December, the highest since January 2003.
“On a year-on-year basis, the headline inflation rate was 7.58 percent points higher compared to the rate recorded in December 2022, which was 21.34 percent. This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022)” the NBS said in its CPI report.
Data from the NBS shows that the average Nigerian reportedly spend over 50 percent of their income on food. This contrasts with what is obtained in developed climes like the U.S, Canada, U.K., where they spend just under 15 percent of their income on food.
A number of people that spoke with BusinessDay confirmed that they cannot reduce their food consumption any further because doing that may lead to eventual health challenges, causing an even worse diversion of funds to medications or treatment.
“So though the money expended on food is more than it used to be, I still have to make plans for food,” Adebayo, one of the respondents, said.
