Selected Food Price Watch for the month of August 2022 shows that the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 12.94% from N 457.98 in August 2021 to N517.23 in August 2022. Also, on a month-on-month basis, this decline to 5.51% from N547.38 in July 2022. The average price of Bread Sliced 500g increased on a year-on-year basis by 33.12% from N366.69 in August 2021 to N488.14 in August 2022. On a month-on-month basis, the average price of this item increased by 0.38% in August 2022. Similarly, the average price of 1kg beef (boneless) rose by 26.09% on a year-on-year basis from N1,698.18 in August 2021 to N2,141.18 in August 2022. In addition, the average price of Groundnut oil: 1 bottle, specify bottle stood at N1, 087.64 in August 2022, showing an increase of 33.83% from N812.70 in August 2021. On a month-on-month basis, it rose by 0.88% from N1, 078.17 in July 2022. The average price of 1kg Yam Tuber on a year-on-year basis, rose by 32.12% from the value recorded in August 2021 (N305.48) to N403.63 in August 2022. On a month-on-month basis, it increased to N403.63 in August 2022 from N389.75 in July 2022 indicating 3.56% increase. In the same vein, the average price of Palm oil: (1 bottle, specify bottle) increased by 34.08% from N668.71 in August 2021 to N896.63 in August 2022. It also grew by 0.67% on a month-on-month basis.

Data source: National Bureau of Statistics

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