The price of local rice rose by 24.06 per cent in the last one year, according to latest data from the National Bureau of Statistics (NBS).
According to the report released on Tuesday, the price of 1kg of the staple rose from N447.51 in May 2022 to N555.18 in May 2023.
The South-South recorded the highest average price of 1kg of Rice local (sold loose) with N654.00, followed by the South-West with N619.24, while the lowest was recorded in the North-West with N477.06.
The Selected Food Price Watch which is for May 2023 shows that the average price of 1kg of Beef boneless stood at N2,520.52 in May 2023, showing a 24.19 per cent rise in price on a year-on-year basis, from N2,029.59 recorded in May 2022 and a 1.00 per cent rise in price on a month-on-month basis from N2,495.69 in April 2023.
“The average price of 1kg of Tomato increased by 17.68% on a year-on-year basis from N423.48 in May 2022 to N498.34 in May 2023. On a month-on-month basis, the average price of this item increased by 2.73% in May 2023. The average price of 1kg of Rice local (sold loose) rose by 24.06% on a year-on-year basis from N447.51 in May 2022 to N555.18 in May 2023.
“On a month-on-month basis, it increased by 1.54% from N546.76 in April 2023. Similarly, the average price of 1kg of Onion bulb rose by 17.12% on a year-on-year basis from N387.53 in May 2022 to N453.86 in May 2023, and on a month-on-month basis, the price increased by 2.83%,” a part of the report read.
Similarly, the report revealed that the average price of 1kg of yam tuber rose by 22.84 per cent on a year-on-year basis from N372.23 in May 2022 to N457.25 in May 2023. On a month-on-month basis, it increased by 2.83 per cent from N444.69 in April 2023.
According to the report, on state profile analysis, the highest average price of 1kg of Beef boneless was recorded in Imo state with N3,475.04, while the lowest was recorded in Kogi state with N1,790.14. The highest average price of 1kg of Tomato was recorded in Edo with N957.95, while the lowest was recorded in Kogi with N215.43. In terms of the average price of 1kg of Rice local (sold loose), Ondo recorded the highest price with N724.81, while Jigawa recorded the least with N369.09. Cross River recorded the highest average price of 1kg of Onion bulb with N960.82, while the lowest was reported in Katsina with N334.21. The highest average price of 1kg of Yam tuber was recorded in Akwa Ibom with N924.17, while the lowest was recorded in Benue with N214.79.
In addition, analysis by zone showed that the average price of 1kg of Beef boneless was highest in the South-East with N3,278.98, followed by the South-South with N2,699.04, while the North-Central recorded the lowest with N2,131.78. The average price of 1kg of Tomato was highest in the South-South and South-East with N866.36 and N665.68 respectively, while the lowest was recorded in the North-East with N276.64.
The average price of 1kg of Onion bulb was highest in the South-South with N687.01, followed by the South-East with N649.45, while the North-East recorded the lowest with N261.39. The SouthWest recorded the highest average price of 1kg of Yam tuber with N632.60, followed by the South-East with N600.74, while the North-East recorded the least with N229.45.
