Nigeria witnessed a year-long increase in food prices, particularly for key ingredients such as beef, tomato, and rice, as food inflation rises by 1.13% year on year to 24.19% 

     

    The recently released report by the National Bureau of Statistics titled “Selected Food Price Watch” for May 2023, revealed significant price hikes in these essential food items.  

     

    The inflationary pressure, coupled with contractionary monetary policies, continues to drive the headline inflation rate to new heights, posing challenges for consumers and the economy at large. 

     

    Beef

    According to the report, the average price of 1kg of boneless beef in May 2023 stood at N2,520.52, when compared to a price of N2,029.59 in May of the previous year. On a month-on-month basis, the price rose from N2,495.69 in April 2023.  

    • This indicates a 24.19% increase on a year-on-year basis and 0.99% on a month-on-month basis. 

     

    Tomato 

    The average price of 1kg of tomato witnessed a year-on-year increase of 17.68%, rising from N423.48 in May 2022 to N498.34 in May 2023. However, there was no specification of the month-on-month change in the report. 

     

     

    Rice

    Local rice prices also experienced significant inflationary pressures. The average price of 1kg of local rice (sold loose) rose from N447.51 in May 2022 to N555.18 in May 2023. On a month-on-month basis, the price increased from N546.76 in April 2023.  

    They added that on a month-on-month basis, the average price of this rice increased by 2.73% in May 2023, adding: 

    • This indicates a 24.06% increase on a year-on-year basis and 1.54% on a month-on-month basis.

    For other food items, the report highlighted additional price increases for onion bulbs and yam tubers. The average price of 1kg of onion bulbs rose by 17.12% year-on-year, from N387.53 in May 2022 to N453.86 in May 2023. Similarly, the average price of 1kg of yam tuber increased by 22.84% year-on-year, from N372.23 in May 2022 to N457.25 in May 2023. 

     

    State ranking

    According to the report, some of the inflation rankings highlighted that; 

    • Imo State had the highest average price for 1kg of boneless beef at N3,475.04, while Kogi State had the lowest at N1,790.14. 
    • Edo State recorded the highest average price for 1kg of tomato at N957.95, while Kogi State had the lowest at N215.43. 
    • Ondo State had the highest average price for 1kg rice at N724.81, while Jigawa State had the lowest at N369.09. 

     

    The rankings based on the geo-political zones the highlighted as follows; 

    • The South-East and South-South regions experienced the highest average prices for 1kg of boneless beef, while the North-Central had the lowest average price. 
    • The South-South region had the highest average price for 1kg of local rice, followed by the South-West, while the North-West had the lowest average price. 

     

    Nigeria’s inflation rate rose to 22.41% in May 2023, marking the fifth consecutive increase. Despite the Central Bank of Nigeria’s contractionary monetary policies, inflation remains at an over 17-year high, with food and non-alcoholic beverages contributing the highest to the inflationary pressure, followed by housing, water, electricity, gas, and other fuel, as well as clothing and footwear.  

     

    On a month-on-month basis, the headline inflation rate in May 2023 was 1.94%, which was 0.03% higher than the rate recorded in April 2023 (1.91%). 

     

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