Nigeria’s inflation rate surges to 20.52%
A market in Nigeria

Figures from the National Bureau of Statistics (NBS) show that the average prices of food items in Nigeria, such as yam, beans, tomatoes and bread, recorded significant increases within a one-year, between February 2021 and February 2022.

The average cost of beans increased rose by 50.1 per cent from N331.48 to N 497.54 during the review period, the NBS figures showed.

On a monthly basis, the price of beans recorded an increase of 3.34 per cent from N481.47 in January 2022 to N 497.54 in February 2022.

As of February 2021, the average cost of 1kg of tomatoes was N269.18. It however increased to N393.08 in February 2022 indicating 46.03 per cent increase

“Likewise, the average price of 1kg of tomato increased from N367.01 in January 2022 to N393.08 in February 2022, indicating 7.10 per cent rise,” the report said.

The average price of 500g of sliced bread also increased year-on-year by 34.11 per cent from N326.61 in February 2021 to N438.03 in February 2022.

According to the report, yam also recorded a significant increase during the review period. The average price of 1kg of this food item rose from N242.82 in February 2021 to N339.76 in February 2022, showing an increase of 39.92 per cent.

Other food items that recorded notable increase during the period under review are bread (sliced) and groundnut oil.

The NBS stated, “The average price of Bread Sliced 500g, also, increased year-on-year by 34.11 percent from N 326.61 in February 2021 to N438.03 in February 2022

“On month-on-month, the average price of this item increased by 4.63 percent (N418.65) in February 2021.

“Similarly, the average price of Groundnut oil: 1 bottle, specify bottle stood at N971.01 in February 2022; this shows an increase of 3.18 per cent (N941.10) in January 2022.

“In the same way, the year-on-year analysis shows an increase of 43.46 per cent (N676.87) in February 2021.”

State price distribution shows that as of February 2022, Ebonyi recorded the highest average price of beans (white, black eye, sold loose) with N880.59 and the lowest was reported in Bauchi with N243.67, the report said.




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