Selected Food Prices Watch (January 2023)

Executive Summary

Selected Food Price Watch for January 2023 shows that the average price of 1kg Beef boneless stood at N2,418.91 in January 2023. This indicated that on a year-on-year basis, the price rose by 29.72% from the value recorded in January 2022 (N1,864.70), and 1.75% on a month-on-month basis from N2,377.29 in December 2022. The average price of 1kg Beans brown, sold loose increased on a year-on-year basis by 19.06% from N498.85 in January 2022 to N593.96 in January 2023. On a month-on-month basis, the average price of this item increased by 1.33% in January 2023.
The average price of 1kg of Rice (locally sold loose) on a year-on-year basis rose by 19.67% from N430.21 in January 2022 to N514.83 in January 2023. Also, on a month-on-month basis, it increased by 1.71% from N506.17 in December 2022. Similarly, the average price of 1kg of Onion bulb rose by 21.28% on a year-on-year basis from N368.10 in January 2022 to N446.44 in January 2023. While on a month-on-month basis, the price rose by 2.41%. In the same vein, the average price of Vegetable oil (1 bottle, specify bottle) stood at N1,183.67 in January 2023, showing an increase of 28.55% from N920.76 in January 2022. On a month-on-month basis, it rose by 1.89% from N1,161.76 in December 2022. 

Data source: National Bureau of Statistics