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Prices of Groundnut Oil, Palm Oil Jump Over 40%
calendar25-08-2022 | linkBusiness Post, Nigeria | Share This Post:

24/08/2022 (Business Post, Nigeria) - Nigerians paid more to purchase key food items as prices of groundnut oil, palm oil, rice, beans, beef, tomatoes and others skyrocketed in July 2022 at the market as the inflationary pressures continue to dig deeper into their pockets.

According to the National Bureau of Statistics (NBS) Selected Food Prices Watch Report for July 2022, the price of groundnut oil increased by 40.24 per cent on a year-on-year basis to N1,078.17 from N768.81 in July 2021, while the price of one bottle of palm oil surged by 40.29 per cent to N890.67 in the period review from N635.31 in the corresponding period of last year.

Nigerians paid more to purchase key food items as prices of groundnut oil, palm oil, rice, beans, beef, tomatoes and others skyrocketed in July 2022 at the market as the inflationary pressures continue to dig deeper into their pockets.

According to the National Bureau of Statistics (NBS) Selected Food Prices Watch Report for July 2022, the price of groundnut oil increased by 40.24 per cent on a year-on-year basis to N1,078.17 from N768.81 in July 2021, while the price of one bottle of palm oil surged by 40.29 per cent to N890.67 in the period review from N635.31 in the corresponding period of last year.

The report also showed that the average price of 1kg of local rice increased on a year-on-year basis by 13.55 per cent from N411.97 in July 2021 to N467.80 in July 2022, while the price of 1kg of white beans rose by 23.22 per cent from N444.21 in July 2021 to N547.38 in July 2022.

The report stated also that the average price of 1kg of tomatoes increased on a year-on-year basis by 7.71 per cent from N414.83 in July 2021 to N446.81 in July 2022 as the price of 1kg beef (boneless) in July 2022 was N2,118.84, an increase of 27.58 per cent from the N1,660.76 recorded in July 2021.

State-by-State analysis showed that Rivers recorded the highest price of 1kg of local rice at N619.62, while the lowest was recorded in Jigawa at N363.34.

Ebonyi recorded the highest average price of 1kg of white beans in July 2022 at N900.51, while the lowest price was recorded in Borno at N317.73.

The report stated that the highest average price of 1kg of tomato was recorded in Edo at N799.16, while the lowest was recorded in Taraba at N159.14.

Analysis by zones showed that the Southeast recorded the highest average price of brown beans at N853.19 per kilogramme, followed by the Southwest at N598.00, while the Northeast recorded the least at N379.03.

The Southeast recorded the highest average price of tomato at N678.80, per kilogramme, followed by the Northwest at N656.93, while the lowest was recorded in the Northeast at N194.72.

The NBS stated that the average price of 1kg of local rice in the Northwest was N796.03, representing the highest recorded in July 2022, followed by the Southwest at N519.64. The North Central recorded the lowest price for 1kg of local rice at N401.72, it stated.

 

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