NBS: food prices soared in June

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There was astronomical increase in food prices in June,  the National Bureau of Statistics (NBS) has said.

In its latest report entitled: “Selected Food Prices Watch – June 2020,” it said the average price of 1kg of yam tuber increased year-on-year by 37.63 per cent and month on month by 5.83 per cent to N250.70 in June 2020 from N236.90 in May.

During the month under review, NBS said the “average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 35.97 per cent  and increased month-on-month by 3.57 percent  to N479.74 in June 2020 from N463.21 in May 2020”.

The report said the average price of 1kg of tomato increased year-on-year by 30.25 per cent and month-on-month by 5.84 percent to N294.46 in June from N278.23 in May this year.

It added that selected food price watch data for June reflected that the average price of one dozen of agric eggs medium size decreased year-on-year by -4.54 per cent and increased month-on month by 2.24 per cent  to N472.83 in June from N462.46 in May while the average price of piece of agric eggs medium size (price of one) increased year-on-year by 7.30 per cent and month-on-month by 3.28 per cent to N42.18 in June 2020 from N40.84 in May 2020.

NBS had earlier said the inflation rate of the country rose to 12.56 per cent during the month under review (year-on-year), 0.16 per cent points higher than the rate recorded in May 2020 (12.4per cent).

Its report also showed that composite food index rose to 15.18per cent compared to 15.04per cent recorded in May 2020 while Core inflation, which excludes the prices of volatile agricultural produce that stood at 10.13 per cent in June 2020 compared to 10.12per cent recorded in May.

The composite food index stood at 15.18per cent, which is 0.14per cent points higher compared to 15.04per cent recorded in May 2020.

Also, On month-on-month basis, the food sub-index increased by 1.48per cent in June 2020, up by 0.06per cent points from 1.42per cent recorded in May, 2020.

It said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, as well as fruits, oils and fats, meat, fish and vegetables.

“All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.13 per cent in June 2020, up by 0.01per cent  when compared with 10.12per cent recorded in May, 2020.

Source: THE NATION

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