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Rising food prices, serial naira devaluation compound Nigerians woes as purchasing power plunges

Punch Newspapers Sections Published 1 June 2021 Life has become increasingly difficult for many Nigerians as the rising cost of food and the naira’s seemingly unctrollable downward trend continue to reduce their purchasing power, ADEPEJU ADENUGA writes Food prices in Nigeria have continued to surge in the last one year, with the latest data from the National Bureau of Statistics showing that the composite food index rose by 22.72 per cent in April 2021 from 15.03 per cent in April 2020. The NBS said the rise in the food index was caused by increases in prices of coffee, tea and cocoa, bread and cereals, soft drinks, milk, cheese and egg, vegetable, meat, oils and fats, fish and potatoes, yam and other tubers.

Food prices rising, household incomes precarious – NBS

Punch Newspapers Sections Okechukwu Nnodim, Abuja The prices of most food items increased in November this year, while the incomes for many households are still in precarious situations, the National Bureau of Statistics has said.  In its Selected Food Prices Watch for November 2020, the NBS stated that selected food price watch data in the review month reflected that the average price of one dozen of agric eggs, medium size, increased year-on-year by 6.64 per cent. It said the commodity also increased month-on-month by 1.42 per cent to N494.72 in November from N487.81 in October. The bureau stated that the average price of a piece of agric egg, medium size, (price of one) increased year-on-year by 8.68 per cent and month-on-month by 2.36 per cent to N44.75 in November from N43.72 in October.

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