Business

NBS: Food prices rose in August

THE National Bureau of Statistics (NBS) on Tuesday said the prices of foods rose last month.

He also said flood caused by the sudden release of water from Kainji Hydro Power Dam in Niger State wreaked havoc on the N60billion sugar investment project in the state.

According to the NBS, selected food price watch data “reflected that the average price of one dozen of agric eggs medium size increased year-on-year by 3.70 per cent and month-on month by 1.02 per cent to N478.97 in August 2020 from N474.12 in July 2020 while the average price of piece of agric eggs medium size (price of one) increased year-on-year by 5.44 per cent and month-on month by 0.76 per cent to N42.78 in August 2020 from N42.45 in July 2020.”

 

According to the report, the average price of 1kg of rice (imported high quality sold loose) increased yearon-year by 40.69 per cent and month-on-month by 2.30 per cent to N501.71 in August 2020 from N490.44 in July 2020.

It added that the average price of 1kg of yam tuber increased year-on-year by 34.74 per cent and decreased month-on-month by -0.15 per cent to N256.06 in August from N256.44 in July.

NBS said the average price of 1kg of tomato increased year-on-year by 29.48 per cent and decreased monthon-month by -4.65 per cent to N289.86 in August 2020 from N304.01 in July 2020.

The Executive Secretary, National Sugar Development Council (NSDC), Latif Busari, who spoke in Abuja, lamented that the destruction of the sugar project was a huge setback for the flour mills, the sector and the nation, adding that it would impede the realisation of the 4,500metric tons of sugarcane daily processing by the company and the one million tons of sugar production projection recently agreed with the major sugar producers.

Busari said the flood, which affected the farm, was not natural, but man-made.

Source: thenationonlineng.net