Food prices increased by about 50% in one year: NBS

The National Bureau of Statistics (NBS), says prices of selected food items increased in May.

It made the declaration in its Selected Food Prices Watch Report for May released in Abuja on Wednesday.

It stated that the average price of 1kg of white beans rose on a year-on-year basis by 37.22 per cent from N382.37 in May 2021 to N524.70 in May 2022.

“Also, on a month-on-month basis, this increased by 1.09 per cent from N519.05 in April to N524.70 in May, it stated.

The report showed that the average price of 1kg of a yam tuber increased on a year-on-year basis by 37.87 per cent from N269.98 in May 2021 to N372.23 in May 2022.

It stated that on a month-on-month basis, the average price of yam increased by 3.05 per cent in May 2022, compared to what obtained in April.

Similarly, the average price of 2kg pre-packed wheat flour rose by 34.92 per cent on a year-on-year basis from the value recorded in May 2021 at N785.87 to N1,060.26 in May 2022.

“On a month-on-month basis, it increased from N1,047.74 in April to N1,060.26 in May 2022 indicating a 1.20 per cent rise,’’ it stated.

The report showed that the average price of a bottle of palm oil increased by 42.81 per cent from N593.36 in May 2021 to N847.39 in May 2022.

It also rose by 0.55 per cent on a month-on-month basis between April and May.