The report published on Monday said the average price of 1kg rice (local) stood at N1,608.89, indicating an increase of 189.79 per cent on a year-on-year basis from the N555.18 reported in May 2023.
Subsequently stating a 14.98 per cent rise in price on a month-on-month basis from N1,399.34 in April 2024. The statistics hub pegged the average price of 1kg of brown beans at N2,009.22 citing a 219.05 per cent on a year-on-year basis from N629.75 sold in May 2023.
On a month-on-month basis, the average price of this item increased by 44.77 per cent from N1,387.90 in April 2024. Furthermore, the average price of 1kg of tomato rose by 196.92 per cent on a year-on-year basis from N498.34 in May 2023 to N1,479.69 in May 2024.
It further surged by 31.71 per cent from the N1,123.41 sold the preceding month.
The NBS explained that the average price of 1kg garri rose by 200.12 per cent on a year-on-year basis from N371.42 in May 2023 to N1,114.72 in May 2024.
The price of a tuber of yam, increased by 189.20 per cent on a year-on-year basis from N457.25 in May 2023 to N1,322.36 in May 2024.
At the state level, the highest average price of 1kg of rice (local) was recorded in Kogi State at N2,528.84, while the lowest was recorded in Benue State at N1,013.59.
The bureau said Rivers State recorded the highest average price of 1kg of tomato at N2,100.12, while Katsina recorded the lowest price at N775.02.
It noted that Gombe recorded the highest average price of 1kg garri white sold loose at N1,613.29, while the lowest was reported in Kwara at N825.70.
Our earlier report indicated that food inflation rose to 40.66 per cent in May, while the headline inflation surged to 33.95 per cent from the 33.69 per cent reported the previous month..
