Two weeks to Christmas, prices of commodities in the market, especially foodstuffs like rice, beans, yam and soup ingredients such as onions and tomatoes recording over 100 per cent price increase in some instances between October and now.

Latest data obtained from the National Bureau of Statistics titled, ‘Selected Food Price Watch for October 2022’ showed that the average price of one kilogram onion bulb on a year-on-year basis rose by 32.56 per cent from the value recorded in October 2021 (N306.07) to N405.72.

The NBS data also showed that on a month-on-month basis, it increased to N405.72 in October from N397.18 in September, indicating a 2.15 per cent rise.

The report stated that the average price of 1kg rice (local sold loose) increased on a year-on-year basis by 17.45 per cent from N415.03 in October 2021 to N487.47 in the corresponding period of the current year.

It stated, “Selected food price watch for October 2022 shows that the average price of 1kg onion bulb on a year-on-year basis rose by 32.56 per cent from the value recorded in October 2021 (N306.07) to N405.72 in October 2022. On a month-on-month basis, it increased to N405.72 in October 2022 from N397.18 in September 2022, indicating a 2.15 per cent increase. The average price of 1kg rice (local sold loose) increased on a year-on-year basis by 17.45 per cent from N415.03 in October 2021 to N487.47 in October 2022. On a month-on-month basis, the average price of this item increased by 3.40 per cent in October 2022.

“The average price of 1kg of tomato rose on a year-on-year basis by 30.79 per cent from N347.47 in October 2021 to N454.46 in October 2022. Also, on a month-on-month basis, it increases to 2.10 per cent from N445.12 in September 2022. Similarly, the average price of 1kg bean (sold loose) rose by 17.95 per cent on a year-on-year basis from N478.76 in October 2021 to N564.69 in October 2022.”

According to the NBS report, there is a 33.22 per cent increase in the price of a bottle of palm oil within the period under review.

“In addition, the average price of palm oil (one bottle) increased by 33.22 per cent from N727.21 in October 2021 to N968.76 in October 2022. It also grew by 4.47 per cent on a month-on-month basis. In the same vein, the average price of vegetable oil (one bottle) stood at N1,106.08 in October 2022, showing an increase of 33.99 per cent from N825.46 in October 2021. On a month-on-month basis, it rose by 2.81 per cent from N1,075.89 in September 2022,” it added.