According to data from the National Bureau of Statistics, NBS the average price of food goods in Nigeria increased significantly over a one-year period between February 2021 and February 2022.
During the evaluation period, the average cost of beans (white, black eye, sold loose) increased by 50.1 percent, from N331.48 to N 497.54.
The price of beans increased by 3.34 percent on a monthly basis, from N481.47 in January 2022 to N 497.54 in February 2022.
The average cost of 1 kilogram of tomatoes in February 2021 was N269.18. It did, however, climb by 46.03 percent to N393.08 in February 2022.
The average price of 500g sliced bread grew by 34.11 percent from February 2021 to February 2022, rising from N326.61 to N438.03.
“Similarly, the average price of 1 kilogram of tomato grew by 7.10 percent from N367.01 in January 2022 to N393.08 in February 2022,” according to the research.
During the review period, Yam also saw a considerable increase. The average price of 1 kilogram of this food item increased by 39.92 percent from N242.82 in February 2021 to N339.76 in February 2022.
Bread (sliced) and groundnut oil were two other food items that had significant increases throughout the time under consideration.
In the first quarter, food costs increased due to insecurity and fuel scarcity, according to a report.
“The average price of Bread Sliced 500g also climbed by 34.11 percent year-on-year from N 326.61 in February 2021 to N 438.03 in February 2022,” according to the NBS.
“In February 2021, the average price of this item climbed 4.63 percent (N418.65) month over month.
“Similarly, in February 2022, the average price of Groundnut oil: 1 bottle, specified bottle was N971.01, up 3.18 percent from N941.10 in January 2022.
“Similarly, a year-over-year comparison indicates a 43.46 percent increase (N676.87) in February 2021.”
According to the state price distribution, as of February 2022, Ebonyi had the highest average price of beans (white, black eye, sold loose) at N880.59, while Bauchi had the lowest at N243.67, according to the report.