• Friday, July 19, 2024
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BusinessDay

Consumers spent more on milk, egg, bread in July

Breakfast menu going out of reach as prices of eggs, milk hit record high

Egg, milk and bread topped the list of selected food items Nigerians spent more on in July, according to the selected food prices report by the National Bureau of Statistics, (NBS).

The average price of one medium-sized egg across Nigeria surged by 3.61 percent to N71.04 in July from N68.56 in June 2022 on a month-on-month basis, data from the Bureau of Statistics.

It recorded its lowest price in Adamawa at N60 and it is highest in Delta at N82.33

In July 2022 Nigeria’s inflation rate soared to 19.64 percent, the highest in 17 years since September 2005.

The increase was recorded against the dark backdrop of food inflation, which rose to 22.02 percent in July from 20.60 percent in June.

BusinessDay survey on the price of a medium-sized egg across markets and retailers found that a medium-sized egg sells between N80 and N100 from N60 it was sold a month ago.

Damilola Omotunde, a hairstylist, complained about the price of eggs, emphasising how it affects fast food.

“I was shocked when I heard eggroll is now N250, it was N150-N200 before, but I found somewhere that sells for N100 with half egg.”

Read also: FAAC shares N954.085bn July revenue to FG, states, LGs

Eggs are a good source of protein (both whites/yolk). It’s a great source of important nutrients, such as vitamin B6, B12 and vitamin D.

A Lagos-based poultry farmer confirmed to BusinessDay that they are still seeing an increase in the prices of feed, which then translates to an increase in the prices of eggs.

Milk evaporated tin milk of 170g was the second highest food item with a month-on-month increase of 3.38 percent to N275.79 in July from N266.77 in June 2022.

Julius Audu told BusinessDay that he bought 120g of evaporated milk for N220 earlier this week instead of N150 he was familiar with.

Milk is processed into a variety of products such as cream, butter, yoghurt, ice cream, and cheese. It provides nutrients needed for healthy bones: protein, and calcium, Evaporated Milk is a superior form of milk for infant feeding.

Babies who receive evaporated milk feedings have been shown to compare favourably with breast-fed infants in their nutritional state and general development and are rich in vitamins A and D.

Bread, which is one of the cheapest “grab and go” food has continued to experience a surge in its price this year, in July, the price of 500g of sliced bread increased by 2.92 percent to N486.27 from N472.47 in June 2022.

The price of a medium loaf of 500 grams of bread has risen from N400 in January to N800 after bakers hiked prices three consecutive times since February, indicating a 200 percent rise in price.

David Ibidapo, head of market and data research at AFEX Commodities Exchange Limited, said the internal factors affecting the surging prices of wheat-based flour used in bread production are having more impact on local wheat prices than the Russia-Ukraine war.

Other food items that topped the list are potatoes, plantain, mackerel, vegetable oil, rice and beans which were some of the items that drove food inflation to its latest high of 22 percent.