NBS: Inflation Driving Food Prices Sky High

According to the National Bureau of Statistics data, selected food prices increased by 42% in a single year.

According to a recent study titled “Selected Food Price Watch for the Month of April 2022,” the average price of 1kg of beans (white, black eye, sold loose) increased by 44.32 percent year on year, from N359.64 in April 2021 to N519.05 in April 2022.

Similarly, the average price of 1kg of yam tuber increased by 42.88 percent year on year, from N252.80 in April 2021 to N361.20 in April 2022. Month on month, it climbed from N353.56 in March 2022 to N361.20 in April 2022, representing a 2.16 percent rise. In a similar 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.

Source: punchng.com