… as analysts project worse food price pressures for 2022
The prices of food rose Year-on-Year, YoY, amidst rising transport fare in September.
Analysis of the National Bureau of Statistics, NBS, selected food price watch data for September 2021 showed that the prices of rice, egg, garri, and tomatoes rose during the period.
Similarly, the NBS transport fare watch data revealed that the prices of transport fare paid for bus, air, water and motorcycle journeys rose sharply YoY in September 2021.
Egg, rice, garri
Analysis of food prices data showed that the average price of one dozen of agric eggs/medium size increased YoY by 25.84 to N604.99 in September 2021 from N480.76 in September 2020.
Similarly, the average price of 1kg of rice local, sold loose increased YoY by 4.95 per cent to N410.01 from N390.68.
The average price of 1kg of rice imported high quality, sold loose rose YoY in September 2021 by 5.94 per cent to N546.77 from N516.13 in September 2020.
The average price of 1kg of tomato increased YoY in September 2021 by 19.28 per cent to N342.25 from N286.92 in September 2020.
Similarly, the average price of 1kg of Garri white, sold loose increased YoY by 27.91 per cent to N301.58 in September 2021 from N235.77 in September 2020.
While the average price of 1kg of Garri yellow, sold loose increased YoY by 27.91 per cent to N322.44 in September 2021 from N263.57 in September 2020.
Data on transport fare showed that Average fare paid by commuters for bus journey within the city rose by 40.56 per cent YoY to N435.36 in September 2021 from N309.73 in September 2021 .
Similarly, average fare paid by commuters for bus journey intercity rose by 20 per cent YoY to N2,620.90 in September 2021 from N2182.45 in September 2020.
Average fare paid by commuters for journey by motorcycle per drop increased by 39.56 per cent YoY to N306.61 in September 2021 from N219.70 in September 2020.
Average fare paid by commuters for journey by water way rose by 15.64 per cent YoY to N849.06 in September 2021 from N734.26 in September 2020.
Average air fare charge for specified single route journeys increased by 0.10 per cent to N36,922.37 in September 2021 from N36,805.41 in September 2020.
Meanwhile, in their inflation outlook for September 2021, Analysts at United Capital Management PLC, have projected further pressure on food prices in 2022 citing less planting activities resulting in limited food production.
“Looking ahead, while price pressures still abound in the economy, our prognosis remains that disinflation will persist in the immediate term.
“First, for food inflation, we expect some reduced pressure on locally produced food items in the nearterm as the supply chain continues to be debottlenecked while the harvest season gets into full swing for the rest of year.
“Nevertheless, we expect harvest quantities to be limited (due to reduced farming activities during the recent planting season), implying there could be worse food price pressures to come during the 2022 planting season.”