By Elizabeth Adegbesan
Prices of basic foodstuffs have recorded mixed developments as rice and tomatoes went down while eggs went up.
Disclosing this in its latest report on ‘Selected Food Prices Watch’, the National Bureau of Statistics, NBS, said the national average price of 1kg of tomato decreased Month-on-Month, MoM, by 4.5 per cent to N396.38 in August 2021 from N414.83 in July 2021, while the price of 1kg of rice (imported high quality sold loose) decreased MoM by 1.10 per cent to N546.71 in August 2021 from N552.80 in July 2021.
However, the NBS report also said the price of one dozen of agric eggs medium size increased MoM by 1.40 percent to N585.64 in August 2021 from N577.55 in July.
It also said the average price of a piece of Agric eggs medium size (price of one) increased MoM by 0.89 per cent to N53.20 in August 2021 from N52.73 in July 2021.
Meanwhile, analysts at United Capital Management Plc, in its inflation outlook for September, expected recent climate concerns coupled with insecurity to inhibit food supply.
They stated: “While the harvest season is expected to start in September with the early harvests, we expect recent climate concerns coupled with insecurity challenges keeping farmers from their farms to inhibit food supply.
“Furthermore, recent FX (Foreign Exchange) pressure in the parallel market (with the US dollar exchanging for a record N562/$) is expected to begin to reflect in the price environment in subsequent months as several widely consumed items are on CBN’s FX restriction list while several consumer goods companies continue to highlight inability to source all their FX needs via official channels.”