NBS: Nigerians Pay More For Food in November

Data from the National Bureau of Statistics (NBS) has shown that prices of selected food items increased in November. 

According to the NBS Selected Food Prices Watch Report for November 2022, released in Abuja on Monday, the average price of 1kg rice (local) increased on a year-on-year basis by 18.95 percent from N421.02 in November 2021 to N500.80 in November 2022.

While on a month-on-month basis, the average price of 1kg rice (local) increased by 2.73 percent from N487.47 recorded in October 2022.

Similarly, the report added that the average price of 1kg of tomato on a year-on-year basis rose by 30.18 percent from N350.15 in November 2021 to N455.13 in November 2022. 

While on a month-on-month basis, 1 kg of tomato increased by 0.15 percent from N454.46 recorded in October 2022.

Also, the report showed that the average price of 1kg brown beans (sold loose) rose by 18.03 percent on a year-on-year basis from N490.19 recorded in November 2021 to N578.55 in November 2022.

While on a month-on-month basis, the price rose by 2.45 percent from N564.69 recorded in October 2022

Investors King understands that the increase in the price of the selected foods is a result of inflation which has astronomically increased the price of goods in the market.

Similarly, several Nigerians have been affected by low purchasing power leading to low Christmas celebrations in many homes.

It could be observed that market patronage during this period was not at its peak as expected. 

In Abuja for instance, a number of malls and shop owners around the popular Wuse Areas had lamented low patronage, noting that customers are being shy away from goods because of the increased prices. 

However, for many Nigerians, 2022 has been the most challenging year, with 21.47 percent year-on-year inflation, increased insecurity, a 33.3 percent unemployment rate, a high poverty rate, slow Gross Domestic Product, (GDP) growth rate, among other economic miseries.