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Beans, tomatoes, yam record 40% price hike –NBS

ACCORDING to data from the National Bureau of Statistics, 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.

“Likewise, the average price of 1kg of tomato increased from N367.01 in January 2022 to N393.08 in February 2022, indicating 7.10 per cent rise,” the report added.

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.

The NBS stated, “The average price of Bread Sliced 500g, also, increased year-on-year by 34.11 percent from N 326.61 in February 2021 to N438.03 in February 2022

“On month-on-month, the average price of this item increased by 4.63 percent (N418.65) in February 2021.

“Similarly, the average price of Groundnut oil: 1 bottle, specify bottle stood at N971.01 in February 2022; this shows an increase of 3.18 per cent (N941.10) in January 2022.

“In the same way, the year-on-year analysis shows an increase of 43.46 per cent (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.

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