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).

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