Food Prices Rise Significantly, Says NBS

Latest data by the National Bureau of Statistics (NBS) on selected food price watch has revealed that in the month of May 2022, average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 37.22 per cent from N382.37 in May 2021 to N524.70 in May 2022.

On a month-on-month basis, this increased by 1.09 per cent from N519.05 in April 2022. The average price of 1kg of a Yam tuber increased on a year-on-year basis by 37.87 per cent from N269.98 in May 2021 to N372.23 in May 2022.

The NBS figure showed that on a month-on-month basis, the average price of this item increased by 3.05 per cent in May 2022. Similarly, the average price of 2kg of Wheat flour: prepacked (golden penny) on a year-on-year basis, rose by 34.92 per cent from the value recorded in May 2021 (N785.87) to N1,060.26 in May 2022.

Nigeria is battling shortage of food supply largely orchestrated by the heightened insecurity across the country. A tuber of yam now sells for between N800 and N1000, while a kilogram of beaf sells for between N2500 and N2700 in a place like Abuja, the nation’s capital and most cities of the country. Banditry has forced many farmers away from their farms.

On a month-on-month basis, it increased from N1,047.74 in April 2022 to N1,060.26 in May 2022 indicating a 1.20 per cent growth. In the same vein, the average price of Palm oil: (1 bottle, specify bottle) increased by 42.81 per cent from N593.36 in May 2021 to N847.39 in May 2022.

It also grew by 0.55 per cent on a month-on-month basis. The average price of 1kg of beef (boneless) rose by 34.11 per cent on a year-on-year basis from N1,513.43 in May 2021 to N 2,029.59 in May 2022. In addition, the average price of Groundnut oil: 1 bottle, specify bottle stood at N1,040.88 in May 2022, showing an increase of 47.99 per cent from N703.36 in May 2021.

On a month-on-month basis, it rose by 3.29% from N 1,007.68 in April 2022. At the state level, Ebonyi recorded the highest average price of beans (white, Black eye, sold loose) with N899.79, while the lowest was reported in Borno with N262.79.

The highest average price of 1kg of a Yam tuber was recorded in Akwa-Ibom with N804.45, while the lowest was recorded in Bauchi with N134.17. In addition, Abia State recorded the highest price of Wheat flour: prepacked (golden penny 2kg) with N1,393, while Yobe recorded the lowest with N755.03