Amid 'Successes' In Agric Sector, Prices Of Food Items Rise Across Country– NBS

Double-whammy: Good News On Inflation, Bad News On Petrol

Inflation Ease Raises Hope For CBN’s Policy Shift For Cheaper Loans Ahead

Amid Rising Cost Of Living, Nigerians See First Food Price Relief In 2026 As Inflation Eases To 19.57%

Despite the ‘high level of successes’ achieved in Agric sector by the federal government, the National Bureau of Statistics (NBS) has reported that prices of food items such as yam, beans and beef witnessed increases in March.

The was reported by the NBS Selected Food Prices Watch Report for March 2023 released in Abuja on Wednesday.

Minister of communication, Lai Mohammed as well as Shehu Garba, media assistant to the President, among other elected and appointed leaders, had repeatedly told Nigerians that the outgoing federal government had made remarkable achievements in its Agric sector, particularly through the Anchor Borrowers Program, (ABP) driven by the Central Bank of Nigeria, (CBN).

They had claimed that the nation, though, not exporting now, is closer to being self sufficient in the production of grains, like rice, among others.

Godwin Emefiele, CBN Governor had often alluded to the fact that billions of dollars expended on food importation in the past had drastically reduced.

But the economy is yet to witness huge accretion to the nation’s foreign reserves on the account of these achievements.

However, according to the nation’s statistics Bureau, food inflation rose slightly to 24.45% for the month of March 2023, higher than the 24.35% reported in the month of February 2023.

The implication, according to analysts is that the CBN is likely to continue with its monetary policy tightening, focusing on reducing the money supply in the economy, even as yields on fixed-income securities are expected to rise in the short term.

The report said the average price of 1kg beef boneless on a year-on-year basis, increased by 25.05 per cent from N1, 982.92 in March 2022 to N2, 479.61 in March 2023.

“On a month-on-month basis, 1kg beef boneless increased by 1.38 per cent from N2, 445.96 recorded in February 2023.”

The report also said the average price of 1kg of tomato on a year-on-year basis, rose by 13.81 per cent from N409.96 in March 2022 to N466.60 in March 2023.

“However, on a month-on-month basis, price of 1kg of tomato declined by 0.32 per cent from N468.09 recorded in February 2023.

The report also showed that the average price of 1kg of brown beans (sold loose) increased by 13.13 per cent on a year-on-year basis, from N527.66 in March 2022 to N596.96 in March 2023

“On a month-on -month basis, it increased by 0.47 per cent from N594.15 recorded in February 2023.”

Similarly, it said the average price of 1kg of onion bulb rose by 17.37 per cent on a year-on-year basis, from N378.59 in March 2022 to N444.37 in March 2023.
ALSO READ:Stakeholders Express Disgust As FG Blames Corrupt NIS Officials For Delay In International Passport Issuance
“While on a month-on-month basis, it dropped by 1.27 per cent from N450.07 recorded in February 2023.”

The report said the average price of 1kg of Yam tuber rose by 25.30 per cent on a year-on-year basis from N353.56 in March 2022 to N443.02 in March 2023.

“On a month-on -month basis,1kg tuber of yam increased by 1.51 per cent from N436.41 recorded in February 2023.”

In addition, the average price of one bottle of vegetable oil stood at N1, 220.62 in March 2023, showing an increase of 25.80 per cent from N970.29 recorded in March 2022.

“On a month-on-month basis, it rose by 2.00 per cent from N1, 196.68 recorded in February 2023.”