Food Price Survey: Cooking oil, bread, noodles up 30%

The prices of noodles, bread, and cooking oil (vegetable and palm oil) rose between 20 and 30 per cent in the last 12 months, a survey of markets in six states shows.

The survey by PREMIUM TIMES covered Lagos, Akwa Ibom, Abuja, Cross River, Nasarawa, and Ekiti. It showed the price of spaghetti rose at least 24 per cent within the period.

Food inflation in Nigeria fell for the fourth straight month to 21.03 per cent in July after reaching its highest rate of 22 per cent in years in March, according to the National Bureau of Statistics.

Nigeria’s economy has struggled with high inflation and a cut in government revenue. Spiraling inflation, which eased for the fourth straight month in July, has been driven mainly by high food prices, in part caused by insecurity.

A carton of spaghetti which sold a year ago for N4, 200 last year, now goes for N5, 200. Also, a carton of noodles rose from N1700 to N2, 400.

A N350-loaf of bread now sells for N500 and N550. The price of a litre of palm oil moved from N600 to N1, 000, while vegetable oil increased from N2000 a litre to N4,000.

Read more from the source: PREMIUM TIMES