Food prices soaring despite Nigeria’s “agric revolution” – Bureau of Statistics

In spite of Nigerian government’s claim of unprecedented revolution in agriculture, latest performance figures released by the National Bureau of Statistics show that food prices remained high since last December.

Highlights of the current consumer price index published by the bureau show that food sub-index rose by 9.2 percent in January 2015.

According to the report, the figure remained roughly unchanged from price increases recorded in December 2014.

The report also showed that price increases were also marginally higher from the 12-month low level recorded in November of 2014, at 9.1 percent.

On a month-on-month basis, the report said food prices rose by 0.9 per cent in January, increasing at the same pace for the second consecutive month.

Price increases slowed for all groups yielding the food sub-index except for vegetables. On a month-on-month basis, the highest price increases were recorded in the vegetables, meat, “Potatoes, Yams and Other Tubers”; and “Bread and Cereal” groups. The average annual rate of change of the Food sub-index for the 12-month period ending in January 2015 over the previous 12 month average was 9.5 percent.

...PremiumTimes