Food Prices Increase over 12 Months in Nigeria-NBS
The National Bureau of Statistics (NBS), says the prices of selected food items have increased in the last twelve months. This is according to the NBS Selected Food Price Watch Report for April 2022 released in Abuja on Thursday.
The report showed that the average price of 1kg of Beans (white, black eye, sold loose) rose on a year-on-year basis by 44.32 per cent from N359.64 in April 2021 to N519.05 in April 2022.
Also, on a month-on-month basis, this increased by 2.59 per cent to N505.94 in March 2022. The report revealed that the average price of bread sliced 500g increased on a year-on-year basis by 35.31 per cent from N332.95 in April 2021 to N450.51 in April 2022.
“On a month-on-month basis, the average price of this item increased by 0.61 per cent in April 2022.’ Similarly, it said that the average price of 1kg yam tuber on a year-on-year basis, rose by 42.88 per cent from the value recorded in April 2021 at N252.80 to N361.20 in April 2022.
It said on a month-on-month basis, it increased from N353.56 in March 2022 to N361.20 in April 2022, indicating 2.16 per cent growth. In the same vein, the report revealed that the average price of Palm oil (1 bottle) increased by 45.59 per cent from N578.86 in April 2021 to N842.75 in April 2022. It also grew by 0.06 per cent on a month-on-month basis
The report said the average price of 1kg Plantain (unripe) rose by 38.66 per cent on a year-on-year basis from N243.37 in April 2021 to N337.47 in April 2022. It added that the average price of Groundnut oil (1 bottle), stood at N1, 007.68 in April 2022, showing an increase of 46.21 per cent from N689.19 in April 2021.
“On a month-on-month basis, it rose by 1.31 per cent from N994.62 in March 2022.’’ READ: Meristem Securities Predicts Inflation Rate of 16.98%
The report showed that at the state level, Ebonyi recorded the highest average price of Beans (white, black eye, sold loose) with N875.71, while the lowest was reported in Borno with N256.67.
It said the highest average price of bread sliced at 500g was recorded in Ebonyi with N650.0, while the lowest was recorded in Borno with N261.38. The report showed that Akwa-Ibom recorded the highest price of 1kg yam tuber with N695.93, while Bauchi recorded the lowest with N133.28.
Analysis by zone from the report showed that South-East recorded the highest average price of beans brown, sold loose with N831.09, followed by the South-South with N676.13, while the North-East recorded the least with N307.21.
“Similarly, the South-East recorded the highest average price of bread sliced 500g with N601.09, followed by the South-South with N550.21, while the lowest was recorded in the North-East with N278.51”.
The report also showed that the average price of 1kg of yam tuber was higher in the South-West and the South-South with N528.78 and N495.02 respectively, while the lowest was recorded in the North-East with N142.79. # Food Prices Increase over 12 Months in Nigeria -NBS
