 |
NBS reports significant price hike in Nigerian staples under Tinubu |
The National Bureau of Statistics has reported substantial increases in the prices of staples such as rice, beans, tomatoes, garri, and yam, ranging from 189.20 percent to 219.05 percent over the past year under President Bola Ahmed Tinubu's administration.
According to the NBS's Selected Food Price Watch for May, the average cost of 1 kilogram of locally sold rice was N1,608.89 in May, marking a 189.79 percent year-on-year increase from N555.18 in May 2023, coinciding with President Tinubu's inauguration.
Month-on-month, rice prices saw a 14.98 percent hike from N1,399.34 in April 2024.
The report further detailed that 1kg of loose brown beans experienced a 219.05 percent surge year-on-year from N629.75 in May 2023 to N2,009.23 in May 2024, with a significant 44.77 percent increase month-on-month from N1,387.90 in April 2024.
Tomato prices also climbed by 196.92 percent year-on-year from N498.34 in May 2023 to N1,479.69 in May 2024, and 31.71 percent month-on-month from N1,123.41 in April 2024.
Additionally, the cost of 1kg of loose white garri rose by 200.12 percent year-on-year from N371.42 in May 2023 to N1,114.72 in May 2024, with a 30.87 percent increase month-on-month.
The price of 1kg of yam tuber escalated by 189.20 percent year-on-year from N457.25 in May 2023 to N1,322.36 in May 2024, and 16.98 percent month-on-month from N1,130.37 in April 2024.
These price surges coincide with Nigeria's headline and Food Inflation rates reaching 33.95 percent and 40.66 percent respectively in May, signaling increased economic strain for the populace.
The Central Bank of Nigeria has noted a deceleration in the country's inflation on a month-on-month basis in May 2024, amidst adjustments in Monetary Policy.
