Business
Bread Records 42%, Rice 48% Price Increases In Five Years – NBS
The National Bureau of Statistics has said the average prices of bread and rice in the country have been recording significant increases in the past five years.
Tracknews reports that the bureau made this known on Monday in a report that shows the year-on-year analysis of the average prices from January 2017 to January 2022.
According to NBS shows data, bread (unsliced, 500g) and rice (agric-sold loose rice) recorded 42 per cent and 48 per cent price hikes, respectively.
As of January 2017, the average price of a loaf of bread (unsliced, 500g) was N270. It however increased to N384 by January 2022.
There was also an increase in the price of sliced bread (500g) from N303 as of January 2017 to N419 as of January 2022.
The average cost of 1kg of rice (agric-sold loose rice) was N324 as of January 2017. It, however, increased to N481 by January 2022.
There was also an increase in the price of locally sold loose rice, medium-grained rice, and imported high quality sold loose rice (1kg each) from N286, N312, and N402 as of January 2017 to N430, N477, and N579 as of January 2022, respectively.
This was despite the drop in recorded overall inflation from 18.72 per cent as of January 2017 to 15.60 per cent as of January 2022.
However, the 15.60 per cent was still higher than the 13 per cent inflation target of the Federal Government for 2022.
The Federal Government has projected an inflation rate of 13 per cent in its key projections and assumptions for the 2022 budget.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, had disclosed this during her presentation of this year’s approved budget recently.