Despite the celebrated moderation in food inflation for two consecutive months which brought the rate down from an all-time high of 40.87 percent in June 2024 to 37.52 per cent in August, the prices of major foodstuffs are still very high in the market.

The National Bureau of Statistics in its Selected Food Price Watch for August 2024 shows that the average price of 1kg of beans brown (sold loose) stood at N2,574.63.

This indicates a rise of 271.55 per cent in price on a year-on-year basis from N692.95 recorded in August 2023 and a 5.31 per cent rise in price on a month-on-month basis from N2,444.81 in July 2024.

The report said Agric eggs medium size (12 piece) experienced significant price increases year on year by N121.92 per cent from N1,031.55 in August of 2023 to N2,289.19 in August 2024.

On a month-on-month basis, the average price of this item rose by 5.48 per cent from N2,170.17 in July 2024.

The NBS noted that there was also a notable price increase of bread (sliced) by 113.16 per cent on a year-on year basis from N684.85 in August 2023 to N1,459.85 in August 2024.

On a month-on-month basis, it increased by 2.28 per cent from N 1,427.25 in July 2024.

The average price of 1kg Local rice sold loose went up by 148.41 per cent on a year-on-year basis from N737.11 in August 2023 to N1,831.05 in August 2024, while there was an increase of 3.65 per cent on a month-on-month basis.

Also, the average price of 1kg of Yam tuber increased by 188.31 per cent on a year-on-year basis from N576.39 in August 2023 to N1,661.80 in July 2024. On a month-on-month basis, it decreased by -7.82 per cent from N1,802.84 in July 2024.

On the other hand, the report says tomato 1kg declined by 11.07 per cent month-on-month from N1,693.83 in July 2024 to N1,506.35.