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Wednesday, June 19, 2024

Food prices hit rooftop in May

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Following the removal of fuel subsidy, the prices of food items have increased unimaginably in May.

According to the National Bureau of Statistics, NBS, disclosed in its Food Prices Watch Report for May items most affected are tomatoes, yam, rice, onion, and meat

The report states that the average price of 1kg of tomato yearly rose by 17.68 per cent from N423.48 in May 2022 to N498.34 in May 2023.

It said that the average price of 1kg of local rice (sold loose) increased by 24.06 per cent year-on-year, from N447.51 in May 2022 to N555.18 in May 2023.

Also, the report stated that the average price of 1kg yam tuber increased by 22.84 per cent year-on-year from N372.23 in May 2022 to N457.25 in May 2023.

The NBS said the average price of 1kg of Onion bulb rose by 17.12 per cent year-on-year from N387.53 in May 2022 to N453.86 in May 2023.

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.

The state profile analysis showed that the highest average price of 1kg of tomato was recorded in Edo at N957.95, while the lowest was 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 in Akwa Ibom at N924.17, while the lowest price was in Benue at N214.79.

Additionally, 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.

NBS says inflation figure for May has risen to 22.41 per cent.

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