Nigerians Spend more on Food as Prices Continue to Rise

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CEM REPORT | Food prices have continued to rise putting tremendous pressure on income and eroding the market value of Naira on a weekly basis. Items currently on the watch of Continental Economy Magazine are beverages, noodles, bread and other processed consumables.

Price of beverages have increased across brands with each adding as much as N50 to increase to N200 representing more than 33% increase. The regular loaf of bread have increased from 500 in May to N600 in June while the jumble size rose to N900 from N800 it sold previously.

The Nigerian Bureau of Statistics just released the Selected Food Price Watch for the month of May 2022. The report shows that prices of the food items covered all increased year-on-year and month-on-month .

The average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 37.22% from N382.37 in May 2021 to N524.70 in May 2022. Also, on a month-on-month basis, this increased by 1.09% from N519.05 in April 2022.

The average price of 1kg of a Yam tuber increased on a year-on-year basis by 37.87% from N269.98 in May 2021 to N372.23 in May 2022. On a month-on-month basis, the average price of this item increased by 3.05% in May 2022.

Similarly, the average price of 2kg of Wheat flour: prepacked (golden penny) on a year-on-year basis, rose by 34.92% from the value recorded in May 2021 (N785.87) to N1,060.26 in May 2022. On a month-on-month basis, it increased from N1,047.74 in April 2022 to N1,060.26 in May 2022 indicating a 1.20% growth. In the same vein, the average price of Palm oil: (1 bottle, specify bottle) increased by 42.81% from N593.36 in May 2021 to N847.39 in May 2022. It also grew by 0.55 % on a month-on-month basis.

The average price of 1kg of beef (boneless) rose by 34.11% on a year-on-year basis from N1,513.43 in May 2021 to N 2,029.59 in May 2022. In addition, the average price of Groundnut oil: 1 bottle, specify bottle stood at N 1,040.88 in May 2022, showing an increase of 47.99% from N703.36 in May 2021. On a month-on-month basis, it rose by 3.29% from N 1,007.68 in April 2022.

At the state level, Ebonyi recorded the highest average price of beans (white, Black eye, sold loose) with N899.79, while the lowest was reported in Borno with N262.79. The highest average price of 1kg of a Yam tuber was recorded in Akwa-Ibom with N804.45, while the lowest was recorded in Bauchi with N134.17. In addition, Abia State recorded the highest price of Wheat flour: prepacked (golden penny 2kg) with N1,393, while Yobe recorded the lowest with N755.03.

Analysis by zone showed that the South-East recorded the highest average price of Beans ‘’brown sold loose” with N834.93, followed by the South-West with N 579.06, while the North -East recorded the least with N295.20. Similarly, the South-West recorded the highest average price of Yam tuber with N535.27, followed by the South-South with N450.12, while the lowest was recorded in the North-East with N141.10.

The average price of Wheat flour: prepacked (golden penny 2kg) was higher in the South-East and the South-West with N1,332.34 and N1,116.38 respectively, while the lowest was recorded in the North-East with N810.23.

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