Food prices spike strongly in May

The National Bureau of Statistics (NBS) has said prices of selected food items increased in May 2022.

The Bureau made the declaration in its Selected Food Prices Watch Report for May released in Abuja on Wednesday.

It stated that the average price of 1kg of white beans rose on a year-on-year basis by 37.22 per cent from N382.37 in May 2021 to N524.70 in May 2022.

“Also, on a month-on-month basis, this increased by 1.09 per cent from N519.05 in April to N524.70 in May, it stated, DailyTimes gathered.

The report showed that 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.

It stated that on a month-on-month basis, the average price of yam increased by 3.05 per cent in May 2022, compared to what obtained in April.

Similarly, the average price of 2kg pre-packed wheat flour rose by 34.92 per cent on a year-on-year basis from the value recorded in May 2021 at N785.87 to N1,060.26 in May 2022.

“On a month-on-month basis, it increased from N1,047.74 in April to N1,060.26 in May 2022 indicating a 1.20 per cent rise,’’ it stated.

The report showed that the average price of a bottle of palm oil increased by 42.81 per cent from N593.36 in May 2021 to N847.39 in May 2022.

It also rose by 0.55 per cent on a month-on-month basis between APRIL and May.

The report showed that the average price of 1kg of boneless beef 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.

It added that the average price of one bottle of groundnut oil stood at N1,040.88 in May 2022, showing an increase of 47.99 per cent compared to N703.36 in May 2021.

“On a month-on-month basis, it rose by 3.29 per cent from N 1,007.68 in April 2022,’’ the NBS stated.

At the state level, the report showed that Ebonyi recorded the highest average price of white beans at N899.79 for 1kg, while the lowest was reported in Borno at N262.79.

The NBS stated that the highest average price of 1kg of a yam tuber was recorded in Akwa-Ibom at N804.45, while the lowest was recorded in Bauchi at N134.17.

The report showed that Abia recorded the highest price of 2kg pre-packaged wheat flour at N1,393, while Yobe recorded the lowest price at N755.03.

Analysis by zones showed that the Southeast recorded the highest average price of brown beans at N834.93 per kilogramme.

This was followed by the Southwest at N579.06 per kilogramme, while the Northeast recorded the least with N295.20.

“Similarly, the Southwest recorded the highest price of average yam tuber at N535.27, followed by the South-South with N450.12, while the lowest was recorded in the Northeast at N141.10.

The report showed the average price of 2kg pre-packaged wheat flour was higher in the Southeast and the South-West at N1,332.34 and N1,116.38, respectively.

“The lowest price for pre-packaged wheat flour was recorded in the Northeast at N810.23,’’ the NBS stated.