Food Prices Increasing, Household Incomes Not Steady – NBS

The National Bureau of Statistics (NBS) says prices of most food items increased in November 2020, while income remains unsteady for many households across Nigeria.

According to NBS report, titled: ‘Selected food prices watch (November 2020)’, average prices of one dozen of agric eggs (medium size) increased year-on-year (YoY) by 6.64 per cent and month-on-month (MoM) by 1.42 per cent to N494.72 in November 2020 from N487.81 in October 2020.

It also indicated that the average price of 1kg of imported rice increased YoY by 23.46 per cent and MoM by 3.71 per cent to N549.98 in November 2020 from N530.32 in October 2020.

Similarly, the average price of 1kg of yam tuber increased YoY by 16.26 per cent, however, it decreased MoM by 2.72 per cent to N236.25 in November 2020 from N242.87 in October 2020.

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Other food items that soared high in terms of price between October 2020 and November 2020 were: beans; beef (boneless); bread; fish: fresh and smoked catfish, and mackerel; evaporated milk; groundnut oil, vegetable oil, and palm oil; Irish potato; onion; tomatoes; maize (white); chicken; rice (ofada and local); and wheat flour.

Also, in NBS COVID-19 impact monitoring report for October 2020, it disclosed that the share of respondents who were working remained stable in October 2020 (at 87 per cent of respondents).

However, it (findings from the survey) provides further evidence that income remains precarious for many households.

“If household income continues to be precarious, this may limit the investments households are able to make in education and health services for their members, even if schools fully reopen and the government supports more testing and vaccination,” the report read.

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