Economy

New NBS report show increase in food prices in November

The National Bureau of Statistics (NBS) has announced that the prices of food items increased in November 2020 while the income for many households remained unsteady.

The NBS stated this in the Executive Summary of its “Selected Food Prices Watch–November 2020”.

The report said average prices of one dozen of agric eggs (medium size) increased year-on-year (YoY) by 6.64 percent and month-on-month (MoM) by 1.42 percent to N494.72 in November 2020 from N487.81 in October 2020.

It also states that the average price of 1kg of imported rice increased YoY by 23.46 percent and MoM by 3.71 percent to N549.98 in November 2020 from N530.32 in October 2020.

The data reflected the average price of one kilogramme of tomato increased year-on-year by 25.86 per cent and month-on-month by 2.77 per cent to N316.16 in November 2020 from N307.63 in October 2020.

Other food items that increased in terms of price between October 2020 and November 2020 were: beans; beef (boneless); bread; fish: fresh and smoked catfish, and mackerel; evaporated milk; groundnut oil, vegetable oil, and palm oil; Irish potato; onion; tomatoes; maize (white); chicken; rice (ofada and local); and wheat flour.

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