April 24, (THEWILL) – The National Bureau of Statistics (NBS), has said that prices of some basic food items in Nigeria increased by 40 percent as of February 2022 year-on-year.
According to the statistics bureau, the average cost of beans (different colours and species) per standard measure, rose by 50.1 percent from N331.48 to N497.54, during the review period.
On a monthly basis, the price of beans recorded an increase of 3.34 percent from N481.47 in January 2022, to N497.54 in February 2022.
As of February 2021, the average cost of 1kg of tomatoes was N269.18. It, however, increased to N393.08 in February 2022, indicating 46.03 percent increase.
The report further stated that the average price of 500g of sliced bread also increased year-on-year by 34.11 percent from N326.61 in February 2021 to N438.03 in February 2022.
The report stated that average price of 1kg of tomato increased from N367.01 in January 2022 to N393.08 in February 2022, indicating 7.10 percent rise.
Yam also recorded a significant increase during the review period.
The average price of 1kg of yam rose from N242.82 in February 2021 to N339.76 in February 2022, showing an increase of 39.92 percent.
Other food items that recorded notable increase during the period under review are bread (sliced) and groundnut oil, the NBS said.
The report disclosed that the average price of 1 bottle of groundnut oil stood at N971.01 in February 2022; this shows an increase of 3.18 percent (N941.10) compared with the preceding year.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
