Nigeria’s inflation rose to 11.98 percent in December 2019, driven by increases recorded in food prices as a result of the border closure. Not too long ago, the National Bureau of Statistics (NBS) released a report on selected food price watch for the month.
A careful analysis of the report shows that rice, one of the major commodities consumed in the country, which was once of the reasons for the closure of the land borders due to smuggling into Nigeria, recorded a 3.2 percent increase in price from N445 (per kg) in November 2019 to N460 in December, while it saw a 24.1 percent increase year-on-year.
It was stated that the locally produced variant equally recorded an increase of 0.84 percent month-on-month to N382/kg from N379/kg recorded in the previous month, while there was 20 percent rise year-on-year.
Titus frozen fish, according to the stats office, increased in the period under review by 0.6 percent to N981 per kilo, which showed a year-on-year increase of 5.9 percent. Also, mackerel fish went up by 0.2 percent to N953 per kg, while year-on-year, prices rose 2.0 percent.
For tomato, there was an increase by 5.1 percent to N264 per kg in December compared to N251/kg in November 2019, while on a year-to-year basis, it went down by 2.8 percent.
At the dairy session, with the country’s restriction on frozen birds from neighbouring countries, the price of frozen chicken dropped by 0.64 percent in the month of December to N1996 per kg, despite a 22.8 percent year-on-year increase. Chicken feet recorded a 1.80 percent rise to N699 per kg on average while it saw a 5.3 decrease in price in the same period of 2018. The price of chicken wings also rose by 2.5 percent in December to N916 per kg, while on a year-on-year, it dropped by 3.0 percent.
The average price of one dozen of Agric eggs medium size decreased month-on month by 1.32 percent to N457.80 in December 2019 from N463.91 in November and year-on-year by 1.96 percent, while the average price of piece of Agric eggs medium size (price of one) decreased year-on-year by 4.37 percent and month-on-month by 1.13 percent to N40.72 in December 2019 from N41.18 in November 2019.
Brown beans dropped 2.5 percent month-on-month to N299 per kilo and on year-on-year basis, it decreased by 23 percent in price, while white beans dropped by 1.1 percent to N281 per kg and 18.3 percent year-on-year.
The price of beef – with bones rose in the month of December by 1.91 percent to N1,046, and by 4.8 percent year-on-year, while the boneless variety dropped by 0.04 percent in December to N1293 per kg, but recorded a 1.71 percent increase year-on-year.
For the price of white gaari at the market, it dropped by 0.41 percent in December to average of N159 per kg, which is a 4.4 percent year-on-year decrease, while on the other hand, the yellow gaari increased by 1.1 percent to N183 per kg in December, but dropped 6.5 percent year-on-year.
Yam recorded a 1.8 percent rise to average N207 per kilo month-on-month in December 2019 and 2.7 percent year-on-year.
The price of groundnut oil rose by 0.07 percent month-on-month in December to N580 for a litre, while it dropped 0.87 percent year-on-year. Also, the price of vegetable oil rose by 0.7 percent in December to N516 per litre and increased by 1.67 percent year-on-year. For the price of palm oil, it increased by 0.5 percent month-on-month to N469, but decreased by 1.1 percent year-on-year.
