Food Prices Archives — Business Bells

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Tag: Food Prices

  • Buhari Moves To Reduce Food Prices

    Buhari Moves To Reduce Food Prices

     

    The Minister of Agriculture and Rural Development, Dr Mohammed Abubakar, has said the President Mohammadu Buhari-led government is doing everything possible to bring up stimulus that will cause a reduction in food prices.

     

    The minister made this known on Monday during a familiarization tour of the Agricultural Research Council of Nigeria (ARCN) in Abuja.

     

    In the past months, there has been a steady rise in the prices of foodstuff in the country.

     

    “We are doing everything possible to bring up some kind of stimulus that will cause a reduction in food prices, naturally nobody will just sit and watch.

     

    “We are doing what we can to see that the agricultural sector is improved and the food that we expect for the teeming population of Nigeria is being produced, the same thing with the livestock.

     

    “The government is doing everything possible. This President, Muhammadu Buhari, is very passionate about agriculture, about seeing that people have food every single day to eat without struggles on their tables,” the minister said.

     

    The minister said he would support the agricultural research council and the research institutes in the country to work together to develop better crops that can yield more and resist disease and drought.

     

    Dr Mohammed also said the President specifically directed him to make sure that the research institutes in the country were being well taken care of, adding that it was his priority to see improved capacity to conduct research so that crops can be improved upon.

     

    The minister reiterated that the government was set to reintroduce the Growth Enhancement Scheme (GES) after the scheme was scrapped a few years ago, adding that it has found a way that would make it work better.

     

    “My own concern is to make sure that the input gets directly to the farmers, not being withheld by middlemen.

     

    “We will do all it takes to make sure that the system that will be rolled out gets the input to the grassroots farmers,” he said.

     

  • Food Prices Soar in January, Says NBS

    Food Prices Soar in January, Says NBS

    There was a general rise in food prices in January, the National Bureau of Statistics has said.

     

    The NBS said this in its report titled ‘Selected food prices watch for January 2021’, which was released on Friday.

     

    It said, “Selected food price watch data for January 2021 reflected that the average price of one dozen of agric eggs medium size increased year-on-year by 12.48 per cent and month-on month by 2.26 per cent to N510.84 in January 2021 from N499.55 in December 2020.

     

    “The average price of piece of agric eggs medium size (price of one) increased year-on-year by 15.03 per cent and month-on-month by 1.79 per cent to N46.21 in January 2021 from N45.40 in December 2020.”

     

    The NBS added, “The average price of 1kg of tomato increased year-on-year by 22.11 per cent and decreased month-on-month by -6.59 per cent to N289.66 in January 2021 from N310.10 in December 2020.

     

    “The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 21.69 per cent and month-on-month by 0.11 per cent to N551.57 in January 2021 from N550.94 in December 2020.

     

    “Similarly, the average price of 1kg of yam tuber increased year-on-year by 21.56 per cent and month on month by 0.51 per cent to N234.67 in January 2021 from N233.48 in December 2020.”

     

    The NBS had earlier disclosed that the consumer price index, which measures inflation, increased by 16.47 per cent (year-on-year) in January.

     

    This was the highest inflation rate recorded in the country since April 2017.

     

    According to the NBS, the figure is 0.71 per cent points higher than the rate recorded in December 2020 (15.75 per cent).

  • How Food Prices Rose In December — NBS

    How Food Prices Rose In December — NBS

    Food prices rose in the country in December, the National Bureau of Statistics disclosed in its ‘Selected food price watch’ for December 2020.

     

    Part of the report obtained on Friday stated, “Selected food price watch data for December 2020 reflected that the average price of one dozen of agric eggs medium size increased year-on-year by 9.12 per cent and month-on month by 0.98 per cent to N499.55 in December 2020 from N494.72 in November 2020 while the average price of piece of agric eggs medium size (price of one) increased year-on-year by 11.49 per cent and month-on-month by 1.43 per cent to N45.40 in December 2020 from N44.75 in November 2020.

     

    “The average price of 1kg of tomato increased year-on-year by 17.51 per cent and decreased month-on-month by 1.92 per cent to N310.10 in December 2020 from N316.16 in November 2020.

     

    “The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 19.80 per cent and month-on-month by 0.17 per cent to N550.94 in December 2020 from N549.98 in November 2020.”

     

    It added that the average price of 1kg of yam tuber increased year-on-year by 12.89 per cent and decreased month on month by 1.17 per cent to N233.48 in December 2020 from N236.25 in November 2020.

     

    The NBS also disclosed that the consumer price index, which measures inflation increased by 15.75 per cent (year-on-year) in December 2020.

     

    This was 0.86 per cent points higher than the rate recorded in November 2020 (14.89) per cent.

     

    On month-on-month basis, the headline index increased by 1.61 per cent in December 2020.

     

    This is 0.01 per cent rate higher than the rate recorded in November 2020 (1.60 per cent).

     

    The percentage change in the average composite CPI for the twelve months period ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 per cent, representing a 0.33 per cent point increase over 12.92 per cent recorded in November 2020.

     

    The urban inflation rate increased by 16.33 per cent (year-on-year) in December 2020 from 15.47 per cent recorded in November 2020, while the rural inflation rate increased by 15.20 per cent in December 2020 from 14.33 per cent in November 2020.

     

    On a month-on-month basis, the urban index rose by 1.65 per cent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 per cent in December 2020, up by 0.02 per cent above the rate that was recorded in November 2020 (1.56 per cent).