The National Bureau of Statistics (NBS) has reported a drop in the prices of tomatoes and yam tubers in August 2024, despite ongoing economic challenges.
According to the NBS’s Selected Food Prices Watch for August 2024, while prices declined on a month-to-month basis, they remain high compared to the previous year.
The price of tomatoes decreased by 11.07% from ₦1,693.83 in July 2024 to ₦1,506.35 in August 2024.
Similarly, the average price of a kilogram of yam tuber, which increased by 188.31% year-on-year from ₦576.39 in August 2023, dropped by 7.82% month-on-month from ₦1,802.84 in July 2024 to ₦1,661.80 in August 2024.
This drop comes at a time when headline inflation reached 32.15%, and food inflation stood at 37.52%.
Muda Yusuf, Executive Director of the Centre for the Promotion of Private Enterprise, urged the government to expedite the implementation of the 150-day zero-tariff waiver on essential food items like rice, grain, sorghum, millet, maize, wheat, and beans to alleviate the economic hardships caused by rising food prices.
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