Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

According to analysts, food inflation increased by 23.12% in August.

Marian RomainebyMarian Romaine
October 1, 2022
in News
0
According to analysts, food inflation increased by 23.12% in August.
Share on FacebookShare on TwitterShare on Whatsapp

As food inflation in Nigeria continues to surge, rising to 23.12% in August from 22.02 in July 2022, experts around the country have remained alarmed by the skyrocketing prices of food goods in local shops.

The National Bureau of Statistics reports that food inflation has reached its highest level since 2005 when it was 24.56 percent.

According to the National Bureau of Statistics, the cost of a few food items has gone up in the past year.

According to its chosen food price watch for August 2022, the average cost of 1 kg of boneless beef increased by 26.09% yearly, from N1,698.18 in August 2021 to N2,141.18 in August 2022.

The Bureau reports that the average cost per kilogram of beans (white, black eye, sold loose) increased annually by 12.94% from N457.98 in August 2021 to N517.23 in August 2022.

Additionally, monthly, it dropped from N547.38 in July 2022 to 5.51 percent.

According to the research, the average cost of 500g slices of bread grew annually by 33.12%, from N366.69 in August 2021 to N488.14 in August 2022.

In August 2022, the average price of this item climbed by 0.38 percent month over month. As per NBS

The data also showed that the average cost of 1 kg of boneless beef increased by 26.09% annually, from N1,698.18 in August 2021 to N2,141.18 in August 2022.

Additionally, the price of groundnut oil: 1 bottle, specify bottle, averaged N1,087.64 in August 2022, up 33.83% from N812.70 in the previous year.

According to the statistics agency, the average price of a kilogram of yam tubers increased annually by 32.12%, from N305.48 in August 2021 to N403.63 in August 2022.

In a similar vein, Prof. Leo Ukpong, professor of financial economics at the University of Uyo, expressed worry that dealers of these foods aren’t turning a profit, saying that the goal of starting a business is to sell products and generate income.

He continued by saying that while food is a requirement, other items that are not seen as necessary by the average consumer will become less available when prices rise and after-tax income remains flat.

Tags: 23.12%AccordinganalystsaugustFood inflationincreased
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

Related Posts

After Louvre Heist, Thieves Hit Another French Museum
News

After Louvre Heist, Thieves Hit Another French Museum

October 23, 2025
US Troops on Standby In Anticioation of Massive, Coordinated Anti-Trump Protests
News

US Troops on Standby In Anticipation of Massive, Coordinated Anti-Trump Protests

October 18, 2025
Blood Spills in Peru as Gen Z Fights a Broken System
News

Blood Spills in Peru as Gen Z Fights a Broken System

October 22, 2025
Next Post
OPEC+ to convene in Vienna for the first time since 2020.

OPEC+ to convene in Vienna for the first time since 2020.

Jonathan sues for peace and unity in Nigeria at age 62

Jonathan sues for peace and unity in Nigeria at age 62

Obidients rally against the police in Lekki and other parts of Lagos

Obidients rally against the police in Lekki and other parts of Lagos

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Ini Edo vs. Chineye Nworah: Who Owns “Shanty Town”?

Ini Edo vs. Chineye Nworah: Who Owns “Shanty Town”?

2 years ago
History Repeats Itself As Ghana Loses to Uruguay, In their Final Group Game.

History Repeats Itself As Ghana Loses to Uruguay, In their Final Group Game.

3 years ago
Ex- Governor, Sule Lamido Criticizes Northern Government Trip Abroad Amidst Domestic Crisis

Ex- Governor, Sule Lamido Criticizes Northern Government Trip Abroad Amidst Domestic Crisis

1 year ago
Renee Geyer, Renowned Australian Music Icon Passes Away at 69.

Renee Geyer, Renowned Australian Music Icon Passes Away at 69.

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Baltimore City Police Who Stole $215k Retains Pension

APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections

Dangote Group Disowns Killer Truck in Ondo Crash

Messi has commit to Miami signing a new contract extension till 2028

Why Making Music in Nigeria is Expensive — Bella Shmurda Speaks

Nnamdi Kanu Fires Legal Team in Open Court, Vows to Defend Himself

Trending

Why Hawaii Is Not Part Of NATO
Government

Why Hawaii Is Not Part Of NATO

byEriki Joan Ugunushe
October 23, 2025
0

It sounds strange that Hawaii, a proud US state and home to one of the world’s most...

The Sound of Resistance: Plastic Whistles Become an Unlikely Anti-ICE Tool in Chicago

The Sound of Resistance: Plastic Whistles Become an Unlikely Anti-ICE Tool in Chicago

October 23, 2025
Release Sowore or Face Mass Protests, Tinubu Government IS Warned

Release Sowore or Face Mass Protests, Tinubu Government IS Warned

October 23, 2025
Baltimore City Police Who Stole $215k Retains Pension

Baltimore City Police Who Stole $215k Retains Pension

October 23, 2025
APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections

APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections

October 23, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Why Hawaii Is Not Part Of NATO
  • The Sound of Resistance: Plastic Whistles Become an Unlikely Anti-ICE Tool in Chicago
  • Release Sowore or Face Mass Protests, Tinubu Government IS Warned

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com