General News of Friday, 24 May 2024

Source: www.mynigeria.com

Food prices surge in President Tinubu's first year - NBS report

As President Bola Tinubu approaches his first anniversary in office, the National Bureau of Statistics (NBS) reports significant increases in the prices of essential food items such as rice, garri, tomatoes, beans, and yams in April 2024.

The NBS, in a report released in Abuja on Friday, May 24, 2024, indicated that the average price of one kilogram of local rice soared by 155.93% from N546.76 in April 2023 to N1,399.34 in April 2024.

In a publication sighted on Peoples Gazette, on a month-on-month basis, the price of 1kg of local rice rose by 3.47% from N1,340.74 in March 2024. Similarly, the average price of 1kg of white garri jumped by 134.98% year-on-year from N362.50 in April 2023 to N851.81 in April 2024, with a 13.59% increase from N749.89 in March 2024.

Tomatoes also saw a significant price hike, with the average price of 1kg increasing by 131.58% year-on-year from N485.10 in April 2023 to N1,123.41 in April 2024, and a 17.06% increase month-on-month from N959.68 in March 2024.

Brown beans experienced a 125.43% year-on-year increase from N615.65 in April 2023 to N1,387.90 in April 2024, with a 12.44% rise from N1,234.40 in March 2024.

Furthermore, the average price of 1kg of yam tuber escalated by 154.19% year-on-year from N444.69 in April 2023 to N1,130.37 in April 2024, and a 5.76% increase from N1,068.78 in March 2024.

State profile analysis revealed that in April 2024, Niger had the highest average price for 1kg of local rice at N1,785.47, while Benue had the lowest at N993.72. Bayelsa recorded the highest average price for 1kg of white garri at N1,095.26, with Benue again recording the lowest at N494.47.

Delta recorded the highest average price for 1kg of tomatoes at N1,851.19, while Zamfara had the lowest at N547.22.

Abuja reported the highest average price for 1kg of brown beans at N2,288.36, with Yobe having the lowest at N818.03.

Cross River saw the highest average price for 1kg of yam tuber at N1,797.15, while Bauchi had the lowest at N638.64.

Regionally, the South-West had the highest average price for 1kg of local rice at N1,615.21, followed by the South-South at N1,564.85, with the North-West having the lowest at N1,163.13.

For 1kg of white garri, the South-South and South-West had the highest average prices at N1,031.19 and N982.42, respectively, while the North-West had the lowest at N681.77.

The South-South also topped the list for the highest average price of 1kg of tomatoes at N1,689.40, followed by the South-West at N1,429.06, with the North-West recording the lowest at N615.54.

Lastly, the North-Central and South-South regions had the highest average prices for 1kg of brown beans at N1,594.84 and N1,579.64, respectively, while the North-West had the lowest at N966.9.