….As Local Rice Price Rises By 155.93%
The National Bureau of Statistics (NBS) has reported sustained surge in prices of food items in the country based on its latest report published on Thursday, May 23, on its website for the month of April this year.
The surge in the prices of some selected food items by the Bureau for the survey was not unexpected in view of the similar trend of the Consumer Price Index (CPI), which reflects the headline inflation rate, that increased to 33.69% in April this year relative to the 33.20% March 2024 headline inflation rate.
The statistics agency in its ‘Selected Food Price Watch April 2024’ report listed the food items covered in the report as including local rice, garri white, tomatoes, beans brown and yam.
It reported that in the month under review, the average price of 1kg Rice local sold loose increased to N1,399.34, representing 155.93% surge year-on-year from the N546.76 the same quantity sold for in April 2023.
The Bureau clarified, however, that on month-on-month basis, the commodity’s price in April this year increased by 3.47% from N1,340.74 consumers paid for it in the preceding month.
Also, it reported that the average price of 1kg of Garri white, sold loose increased by 134.98% on a year-on-year basis from N362.50 in April last year to N851.81 in April 2024, adding that on a month-on-month basis, the average price of 1kg of Garri white increased by 13.59% from N749.89 in March 2024.
The report indicated that the average price of 1kg of Tomato rose by 131.58% on a year-on-year basis from N485.10 in April last year to N1,123.41 in April 2024.
A further analysis of the ‘Selected Food Price Watch April 2024’ data showed that Tomato price reflected that on a month-on-month basis, the 1kg price of the commodity increased by 17.06% in April this year from N959.68 it sold at in the preceding month.
The NBS further clarified that the average price of 1kg beans brown (sold loose) rose by 125.43% on a year-on-year basis from N615.67 in April last year to N1,387.90 in April 2024, indicating an increase of 12.44% on a month-on-month basis.
This is even as it reported that the average price of 1kg of Yam tuber increased by 154.19% on a year-on-year basis from N444.69 in April 2023 to N1,130.37 in April this year.
