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

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

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.

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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.

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