"Get it": Bank of Industry Launches New App for Nigerians To Check Food Prices Easily
by by Dave Ibemere · Legit.ng News · Join- BOI has launched a new mobile and web platform for checking live food prices in eight Nigerian states
- The new app allows Nigerians to monitor wholesale and retail prices of food items like rice, beans, and tomatoes
- Nigerians have been battling with high inflation prices, with food a key driver of the rising cost of living
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Bank of Industry (BOI), owned by the Nigerian government, has launched a new app and website called Pricesense.ng, which is designed to provide real-time updates on food prices across eight states in Nigeria.
The bank hopes to provide price transparency to help Nigerians make purchasing decisions in the market.
In a post on X, BOI announced the launch:
"We have launched! Get the app: https://pricesenseng.ng. Compare food prices across multiple locations, times, and generate visual charts that provide analytics for predictions."
Pricesense.ng is accessible via web and mobile platforms, enabling users to monitor wholesale and retail prices of essential food items such as rice, beans, tomatoes, maize, and more.
The states covered include Borno, Plateau, Rivers, Oyo, FCT, Lagos, Enugu, and Kano.
The app offers comprehensive analytics, allowing users to track price trends based on brand, quantity, and historical data throughout the year.
Food inflation in Nigeria
The launch of Pricesense.ng comes amid rising food inflation, which hit a high in August 2024 at 37.52% on a year-on-year basis.
Here are the 10 states with the highest food inflation
- Sokoto – 47.0%
- Gombe – 43.2%
- Yobe – 43.2%
- Jigawa – 42.8%
- Edo – 41.2%
- Enugu – 40.9%
- Kebbi – 40.8%
- Niger – 40.5%
- Borno – 40.3%
- Anambra – 40.1%
- Abia – 40.1%
Nigerians angry as four food items refuse to crash in price
Legit.ng earlier reported that Despite significant reductions in the prices of some food commodities since last month, local rice, beans, eggs, and bread prices had remained steady.
The Nigerian Bureau of Statistics (NBS) disclosed in its report on September 26, 2024, that the commodities recorded between 2.5 and 5.5% price increases in August.
According to the report, the average price of brown beans stood at N2,574.63, indicating a 5.31% monthly increase from N2,44.81 in July.