By Elizabeth Adegbesan

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.

Transportation

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.”

Vanguard News Nigeria

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