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Food prices highest in Ogun, Lagos, Abia – NBS

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The prices of food items in the country rose highest in Ogun, Lagos and Abia states in Nigeria in August, the consumer price index (CPI) released by Nigeria Bureau of Statistics (NBS) has shown.

The report revealed that between July and August, food price inflation was highest in Ogun at 3.27 per cent, Lagos at 3.13 per cent and Abia at 2.81 per cent

On the other hand, Plateau State recorded a 0.67 per cent reduction in food price; Zamfara State, 0.24 per cent; and Sokoto State, a 0.13 per cent decrease in the general price level of food.

The report said food inflation between August 2019 and August 2020 was highest in Kogi at 22.03 per cent, then Kwara State at 19.11 per cent, and Edo State at 17.95 per cent.

In Gombe State, it was 14.33 per cent, Kano 13.99 per cent, with Bauchi State recording the lowest price increase with 13.42 per cent.

According to the report, headline inflation, which includes the prices of food and other goods and services, rose to 13.22 per cent in the same month from 12.82 per cent in July.

The composite food index rose by 16.00 per cent in August 2020 compared to 15.48 per cent in July 2020. On a month-on-month basis, the food sub-index increased by 1.67 per cent in August 2020, up by 0.15 per cent points from 1.52 per cent recorded in July 2020.

The NBS said the food sub-index for the 12-month period ending August 2020, over the previous twelve-month average, was 14.87 per cent, representing a 0.24 percentage points increase from the average annual rate of change recorded in July 2020 of 14.63 per cent.

The report said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats, and vegetables.

Methodology

The report explained that measures of the average change over time in prices of goods and services consumed by people for day to day living are determined by the CPI.

The report said the result of the CPI combines economic theory, sampling and other statistical techniques, using data from other surveys, to produce a weighted measure of average price changes in the Nigerian economy.

The weighted measure was used to capture the importance of the selected commodities in the entire index. The survey methodology generates 3,774 all-item indices for all states and the FCT, NBS said in the report.

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