Food Prices Spiraling amidst Unsure Household Incomes - NBS

Admin 21-Dec-2020 Business

Shina Olabisi

The prices of most food items have kept soaring, even amid unpredictable earnings of most households, the National Bureau of Statistics has said.

The NBS said in its Selected Food Prices Watch for November 2020 that selected food price watch data in the November review month showed the average price of one dozen of agric eggs, medium size, increased year-on-year by 6.64 per cent.

It clarified the commodity also increased month-on-month by 1.42 per cent to N494.72 in November from N487.81 in October.

The bureau stated that the average price of a piece of agric egg, medium size, (price of one) increased year-on-year by 8.68 per cent and month-on-month by 2.36 per cent to N44.75 in November from N43.72 in October.

It again noted the average price of 1kg of tomato increased year-on-year by 25.86 per cent.

In October, the NBS stated, 1kg of tomato increased month-on-month by 2.77 per cent to N316.16 in November from N307.63 in October.

For rice, in October, it said the average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 23.46 per cent and month-on-month by 3.71 per cent to N549.98 in November from N530.32.

NBS said: "Similarly, the average price of 1kg of yam tuber increased year-on-year by 16.26 per cent and decreased month-on-month by -2.72 per cent to N236.25 in November from N242.87 in October."

The bureau, in its COVID-19 Impact Monitoring report for October, clarified while the share of respondents who were working remained stable in October at 87 per cent, findings provided further evidence that income remained precarious for many households.

It stated that about 22 per cent were not operating their businesses in October out of the 84 per cent of households that operated a non-farm enterprise at any point in 2020.

The bureau consequently clarified that even if schools fully reopened and the government supported more testing and vaccination, if household income remained unpredictable or dwindling, this might limit the investments which households would be able to make in education and health services for their members.

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