Prices of foodstuffs skyrocket, as households income remains unsteady – NBS

Prices of foodstuffs skyrocket, as households income remains unsteady - NBS

Prices of foodstuffs increased in November 2020, while income remains unsteady for many households across Nigeria, the National Bureau of Statistics (NBS) has said.

According to NBS report, titled: ‘Selected food prices watch (November 2020)’, average prices of one dozen of agric eggs (medium size) increased year-on-year (YoY) by 6.64 percent and month-on-month (MoM) by 1.42 percent to N494.72 in November 2020 from N487.81 in October 2020.

It also indicated that the average price of 1kg of imported rice increased YoY by 23.46 percent and MoM by 3.71 percent to N549.98 in November 2020 from N530.32 in October 2020.

Similarly, the average price of 1kg of yam tuber increased YoY by 16.26 percent, however, it decreased MoM by 2.72 percent to N236.25 in November 2020 from N242.87 in October 2020.

READ ALSO: DStv, GOtv subscriptions go up

Other food items that soared high in terms of price between October 2020 and November 2020 were: beans; beef (boneless); bread; fish: fresh and smoked catfish, and mackerel; evaporated milk; groundnut oil, vegetable oil, and palm oil; Irish potato; onion; tomatoes; maize (white); chicken; rice (ofada and local); and wheat flour.

Also, in NBS COVID-19 impact monitoring report for October 2020, it disclosed that the share of respondents who were working remained stable in October 2020 (at 87 percent of respondents).

However, it (findings from the survey) provides further evidence that income remains precarious for many households.

“If household income continues to be precarious, this may limit the investments households are able to make in education and health services for their members, even if schools fully reopen and the government supports more testing and vaccination,” the report read.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.