Key highlights
- The average price of 1kg of Tomato increased by 13.81% in one year.
- 1kg worth of beef rose 25.05% on a year-on-year basis from the price recorded in March 2022 (N1,982.92) and a 1.38% rise in price on a month-on-month basis from N2,445.96 in February 2023.
- Food inflation rose slightly to 24.45% for the month of March 2023, higher than the 24.35% reported in the month of February 2023.
The average price of 1kg of Beef in Nigeria grew by 25.05% on a year-on-year basis.
The price of Beef was recorded at N2,479.61 in March 2023 compared with the price recorded in March 2022 (N1,982.92) and a 1.38% rise in price on a month-on-month basis from N2,445.96 in February 2023.
This was disclosed by Nigeria’s Bureau of Statistics in its Selected Food Price Watch for March 2023.
Beef and Tomato
NBS said the average price of 1kg of Beef (boneless) stood at N2,479.61 in March 2023, adding:
- “This indicates a rise in price by 25.05% on a year-on-year basis from the price recorded in March 2022 (N1,982.92) and a 1.38% rise in price on a month-on-month basis from N2,445.96 in February 2023.
- “The average price of 1kg of Tomato increased by 13.81% on a year-on-year basis from N409.96 in March 2022 to N466.60 in March 2023. On a month-on-month basis, the average price of this item declined by 0.32% in March 2023.
Beans
Meanwhile, the average price of 1kg of Beans brown (sold loose) rose by 13.13% on a year-on-year basis from N527.66 in March 2022 to N596.96 in March 2023, they added:
- “On a month-on-month basis, it increased by 0.47% from N594.15 in February 2023. Similarly, the average price of 1kg of Onion bulb rose by 17.37% on a year-on-year basis from N378.59 in March 2022 to N444.37 in March 2023.
- “On a month-on-month basis, it declined by 1.27% from its value in February 2023.
They also revealed that the average price of 1kg of Yam tuber rose by 25.30% on a year-on-year basis from N353.56 in March 2022 to N443.02 in March 2023.
On a month-on-month basis, yams increased by 1.51% from N436.41 in February 2023, adding that prices of Vegetable oil (1 bottle, specify bottle) stood at N1,220.62 in March 2023, showing an increase of 25.80% from N970.29 in March 2022.
What you should know
Nigeria’s inflation rate rose to 22.04% in March 2023, the highest since 2009, according to a recent Consumer Price Index report released by the National Bureau of Statistics (NBS).
Food inflation rose slightly to 24.45% for the month of March 2023, higher than the 24.35% reported in the month of February 2023.
The central bank is likely to continue monetary policy tightening, focusing on reducing the money supply in the economy, and yields on fixed-income securities are expected to rise in the short term.
