Get Latest Tori News Alert!
Enter your email below.

Delivered by FeedBurner





Hot Stories
Recent Stories

NBS Reveals Price of Five Nigerian Foods Increased by 219% Under Tinubu

Posted by Thandiubani on Mon 24th Jun, 2024 - tori.ng

The report showed that the average price of 1 kilogram of rice locally sold stood at N1,608.89 in May.

 
The National Bureau of Statistics has stated that price of five popular foods increased by 219 % under President Bola Tinubu.
 
According to NBS, rice, beans, tomatoes, garri, and yam rose between 189.20 percent and 219.05 percent in the last 12 months under President Bola Ahmed Tinubu.
 
NBS disclosed this in its Selected Food Price Watch for May released recently.
 
The report showed that the average price of 1 kilogram of rice locally sold stood at N1,608.89 in May.
 
This represents a rise of 189.79 percent in price on a year-on-year basis from N555.18 recorded in May 2023 when Tinubu was inaugurated as president.
 
Similarly, the price of rice increased by 14.98 percent on a month-on-month basis from N1,399.34 in April 2024.
 
The average price of 1kg of beans brown (sold loose) increased by 219.05 percent on a year-on-year basis from N 629.75 in May of last year (2023) to N 2,009.23 in May 2024.
 
On a month-on-month basis recorded the highest increase of 44.77 percent from N1,387.90 in April 2024.
 
Further analysis of the report showed that the price of 1kg of tomato rose by 196.92 percent on a year-on-year basis from N 498.34 in May 2023 to N1,479.69 in May 2024.
 
On a month-on-month basis, it increased by 31.71 percent from N1,123.41 in April 2024.
 
Also, the average price of 1kg garri white sold loose rose by 200.12 percent on a year-on-year basis from N 371.42 in May 2023 to N 1,114.72 in May 2024, while there was an increase of 30.87 percent on a month-on-month basis.
 
Similarly, the average price of 1kg of yam tuber increased by 189.20 percent on a year-on-year basis from N457.25 in May 2023 to N1,322.36 in May 2024. On a month-on-month basis, it increased by 16.98 percent from N 1,130.37 in April 2024.
 
The development comes as Nigeria’s headline and Food Inflation increased to 33.95 percent and 40.66 percent in May indicating heightened economic hardship for citizens.
 
The Central Bank of Nigeria said that the country’s inflation rise slowed on a month-on-month basis in May 2024 amid its Monetary Policy.


Top Stories
Popular Stories


Stories from this Category
Recent Stories