Economy

Food prices surge by 42% in 12 months –NBS

Selected food prices recorded an increase of 42 per cent in one year, figures by the National Bureau of Statistics have shown.

A new report titled “Selected Food Price Watch for the month of April 2022” 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.

Similarly, the average price of 1kg of yam tuber on a year-on-year basis rose by 42.88 per cent, from the value recorded in April 2021 (N252.80) to N361.20 in April 2022. 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 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.

According to the report, the average price of 1kg of 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. In addition, the average price of groundnut oil (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.

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. The highest average price of bread sliced at 500g was recorded in Ebonyi with N650, while the lowest was recorded in Borno with N261.38. In addition, Akwa Ibom recorded the highest price of 1kg of yam tuber with N695.93, while Bauchi recorded the lowest with N133.28.

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