Food Prices Drop After 21 Months Consecutive Increase

 Food Prices Drop After 21 Months Consecutive Increase

According to the National Bureau of Statistics, the composite food index rose to 22.72 percent in April 2021 compared to 22.95 percent recorded in March of the same year.

The report contained in the NBS’s Consumer Price Index added that on month-on-month basis, the food sub-index increased by 0.99 per cent in April, down by 0.91 percent from 1.90  percent recorded in March.

It added that the rise in the food index was caused by increases in prices of coffee, tea and cocoa, bread and cereals, soft drinks, milk, cheese and eggs, vegetables, meat, oil and fats, fish and potatoes, yam and other tubers.

The data bureau said that “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.74 per cent in April, up by 0.07 per cent when compared with 12.67 per cent recorded in March.

It added that on month-on-month basis, the core sub-index increased by 0.99 per cent in April, down by 0.07 per cent when compared with 1.06 per cent recorded in March.

It said that the highest increases were recorded in the prices of pharmaceutical products, vehicle spare parts, hairdressing salons and personal grooming establishments.

Other areas are garments, furniture and furnishing, medical services, shoes and other footwear.

Others are motor cars, major household appliances whether electric or not, dental services, hospital services, non-durable household goods and fuel and lubricants for personal transport equipment.

For food inflation on a year-on-year basis, in April, it was highest in Kogi at 30.52 per cent, Ebonyi 28.07 per cent and Sokoto State at 26.90 per cent.

Abuja at 18.63 per cent, Akwa Ibom at 18.51 per cent and Bauchi State at 17.64 per cent recorded the slowest rise in year-on-year inflation.

On month-on-month basis, however, April food inflation was highest in Kebbi at 2.46 per cent, Ekiti State at 2.42 percent and Kano State 2.17 per cent.

Meanwhile Abuja at 0.05 per cent recorded the slowest rise in month-on-month food inflation with Rivers and Ogun recording price deflation or negative inflation.

However, Twentyten Daily findings shows that this drop is coming after a consecutive rise in 21 month (August 2019).

Since August 2019, the food Inflation had increased from 13.17 percent to 22.95 percent in March 2021, before dropping to 22.72 in April 2021.

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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