The National Bureau of Statistics (NBS), Nigeria’s national statistical system coordinating agency, on Tuesday reported a general increase in the prices of most staple food items in the month of May this year.
The statistics agency, in its ‘Selected Food Prices Watch (May 2023)’ posted on its website, reported that in the month under review, the average price of 1kg of Beef boneless stood at N2,520.52, representing a 24.19% rise in price on a year-on-year basis, from N2,029.59 it sold at in the corresponding month of last year. It, however, clarified that on a month-on-month basis, the price marginally increased by 1.00% from N2,495.69 it was sold in April 2023.
Also, the Bureau’s report showed that the average price of 1kg of Tomato increased by 17.68% on a year-on-year basis from N423.48 in May last year to N498.34 in May 2023 while on a month-on-month basis, the average price of this item increased by 2.73% in May 2023.
According to the Selected Food Prices Watch, the average price of 1kg of Rice local (sold loose) rose by 24.06% on a year-on-year basis from N447.51 in May 2022 to N555.18 in the corresponding period month of this year, but on a month-on-month basis, it increased by 1.54% from N546.76 it exchanged at in April 2023.
The NBS similarly indicated in the report that the average price of 1kg of Onion bulb rose by 17.12% on a year-on-year basis from N387.53 in May 2022 to N453.86 in May this year, and that on a month-on-month basis, the price increased by 2.83%.
It reported that the average price of 1kg of Yam tuber rose by 22.84% on a year-on-year basis from N372.23 in May last year to N457.25 in May 2023 but that on a month-on-month basis, it marginally rose by 2.83% from N444.69 it sold for in April this year.
