The steady rise in food prices is no longer a surprise to Nigerians; meanwhile, the National Bureau of Statistics, NBS Report, further confirms the inevitable, reoccurring misfortune, negatively impacting the lives of the ordinary citizens or low-income earners across various states.
The incomprehensible part of the data released by the agency indicates that the nation’s inflation rate is slightly decreasing and has happened five times in a row, right down to September 2021.
NBS measures the inflation rate using the Consumer Price Index, CPI, and the digits obtained from its studies have shown that inflation has dropped to 17.01 per cent in August from the initial 17.38 per cent captured in July the same year.
Cause of Food Prices Increase
The report also recorded that the composite food index rose by 20.30 per cent in August 2021 compared to 21.03 per cent in July 2021.
The rise in the food index, it noted, was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tubers, food products, meat and coffee, tea and cocoa.
On a month-on-month basis, it said the food sub-index increased by 1.06 per cent in August 2021, up by 0.20 per cent points from the 0.86 per cent recorded in July 2021.