Food Inflation Accelerates in Nigeria
In its Selected Food Prices Watch Report for May, the National Bureau of Statistics (NBS) says prices of food items such as tomatoes, rice, and yams surged amidst sustained increases in the consumer price index.
The report stated that the average price of 1kg of tomato on a year-on-year basis rose by 17.68 per cent from N423.48 in May 2022 to N498.34 in May 2023. On a month-on-month basis, 1kg of tomato increased by 2.73 per cent in May from the N485.10 recorded in April 2023.
It said that the average price of 1kg of local rice (sold loose) increased by 24.06 per cent on a year-on-year basis, from N447.51 in May 2022 to N555.18 in May 2023. On a month-on-month basis, it increased by 1.54 per cent in May from the N546.76 recorded in April 2023.
Similarly, the report stated that the average price of 1kg yam tuber increased by 22.84 per cent on a year-on-year basis from N372.23 in May 2022 to N457.25 in May 2023. On a month-on-month basis, 1kg yam tuber increased by 2.83 per cent from the N444.69 recorded in April 2023.
The NBS said the average price of 1kg of Onion bulb rose by 17.12 per cent on a year-on-year basis from N387.53 in May 2022 to N453.86 in May 2023. On a month-on-month basis, the price increased by 2.83 per cent in May from the N441.38 recorded in April 2023,” the NBS added.
The report stated that the average price of 1kg of boneless beef increased by 24.19 per cent from N2,029.59 recorded in May 2022 to N2,520.52 in May 2023. On a month-on-month basis, 1kg of boneless beef increased by 1.00 per cent per cent in May from N2,495.69 recorded in April 2023, it added.
On state profile analysis, the report showed that the highest average price of 1kg of tomato was recorded in Edo at N957.95, while the lowest was recorded in Kogi at N215.43. It stated that Ondo recorded the highest price of 1kg of local rice (sold loose) at N724.81, while Jigawa recorded the lowest price at N369.09.
The report stated that Cross River recorded the highest average price of 1kg of onion bulb at N960.82, while the lowest price was recorded in Katsina at N334.21. The NBS said the highest average price of 1kg of yam tuber was recorded in Akwa Ibom at N924.17, while the lowest price was recorded in Benue at N214.79.
In addition, the highest average price of 1kg of boneless beef was recorded in Imo state at N3,475.04, while the lowest was recorded in Kogi at N1,790.14. Analysis by zone showed that the average price of 1kg of tomato was highest in the South-South and South-East at N866.36 and N665.68 respectively, while the lowest price was recorded in the North-East at N276.64.
The South-South recorded the highest average price of 1kg of local rice (sold loose) at N654.00, followed by the South-West at N619.24, while the lowest price was recorded in the North-West at N477.06.
The report stated that the average price of 1kg of onion bulb was highest in the South-South at N687.01, followed by the South-East at N649.45, while the North-East recorded the lowest price at N261.39.
It said the South-West recorded the highest average price of 1kg of yam tuber at N632.60, followed by the South-East at N600.74, while the North-East recorded the lowest price at N229.45. The report said the average price of 1kg of boneless beef was highest in the South-East at N3,278.98, followed by the South-South at N2,699.04.
The lowest price was recorded in the North-Central at N2,131.78, the NBS stated. Food Inflation Accelerates in Nigeria Nigerian Treasury Bills Yield Rises to 7%
