Prices of Rice, egg, yam increased across markets in August

The prices of several food items once again witnessed a significant increased in August, according to the latest reports from the National Bureau of Statistics (NBS).


The NBS said this in its ‘Selected Food Price Watch’ data for August 2020.










The bureau said the average price of one dozen of ‘agric’ medium-sized eggs increased from August 2019 to August 2020 by 3.70 per cent, while it increased between July and August by 1.02 per cent to N478.97 in August 2020 from N474.12 in July 2020.


It said the average price of an ‘agric’ egg medium size (the price of one) increased by 5.44 per cent from August 2019 to August 2020.


Also, the price increased between July and August by 0.76 per cent to N42.78 in August 2020 from N42.45 in July 2020.










However, it said the average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 40.69 per cent and month-on-month by 2.30 per cent to N501.71 in August 2020 from N490.44 in July 2020.


Similarly, the average price of 1kg of yam tuber increased year-on-year by 34.74 per cent and decreased month on month by -0.15 per cent to N256.06 in August 2020 from N256.44 in July 2020.










The average price of 1kg of tomato increased year-on-year by 29.48 per cent and decreased month-on-month by -4.65 per cent to N289.86 in August 2020 from N304.01 in July 2020


Methodology
The NBS said the prices were collected in all the 774 local governments across all states and the FCT from over 10,000 respondents and, “locations which reflect actual prices households in states actually bought those items”.

 NBS staff in all states of the federation “with support from supervisors who are monitored by internal and external observers.”


The report said the average of all the prices is then reported for each state and the average for the country is the average for the states. It said the NBS audit team subsequently conducted randomly selected verification of prices recorded.


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