Data from the National Bureau of Statistics’ latest food price watch reveal staple food items consumed by everyday Nigerians surged by double digits in the month of May 2023 on a year-on-year basis.
The survey included staple food items like local rice, yam, tomato, bread, plantain, veggies, fish, beans, etc.
The year-on-year rise for some of the items ranged from between 10% to as high as 48% buttressing how tough it has been for Nigerians to eat three square meals.
- For example, the cost of 1kg of local rice has surged by 24.06% year-on-year, rising from N447.51 in May 2022 to N555.18 in May 2023.
- Beans, a major staple food also surged by as high as 17.29% while Yam prices increased by 22.84% on a yearly basis, averaging at N457.27 per tuber in May 2023.
- The cost of bread escalated by 30.5% year-on-year, reaching N596.11 per loaf in May 2023.
- The highest year-on-year rise reported was Evaporated Tin Milk which has risen by a whopping 48% year on year.
Nigerians have been faced with rising inflation over the last year with May 2023 year-on-year inflation rate rising to 22.4%.
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.
The recent removal of fuel subsidies and the introduction of a managed float of the exchange rate market is also expected to add to inflation worries in the coming months.
Most analysts opine the increases will add to food inflation pointing to an even higher inflation rate as we enter the second half of the year. Food Inflation printed at 24.8% for the month of May 2023.
Some of the major prices below
Source: NBS/Nairalytics
