NBS Reports Further Food Prices Increase in May

The National Bureau of Statistics, NBS has stated that the South East and South-South recorded the highest increase in food prices in May.

In a report published yesterday, it stated that the selected price watch for May showed that the average price of 1kg of beef, boneless, stood at N2,520, a 24.19 per cent rise in price on a year-on-year basis, from N2,029 recorded in May 2022 while it rose by 1.00 per cent on a month-on-month basis from N2,495.69 in April 2023.

Similarly, the report stated that the average price of 1kg of tomato increased by 17.68 per cent on a year-on-year basis from N423 in 2022 to N498 in May 2023.

On state analysis, it noted that the highest average price of 1kg of beef was recorded in Imo State with N3,475 while the lowest was recorded in Kogi State with N1,790.

“The highest average price of 1kg of tomato was recorded in Edo with N957, while the lowest was recorded in Kogi with N215.

An analysis by zone showed that the average price of 1kg of beef was highest in the South East with N3,278, followed by the South South with N2,699, while the North Central recorded the lowest with N2,131.

The average price of 1kg of tomato was highest in the South South and South East with N866.36 and N665 respectively, while the lowest was recorded in the North East with N276.

The South West recorded the highest average price of 1kg of yam tuber with N632, followed by the South East with N600, while the North East recorded the least with N229.