Food: Prices of Foodstuffs Stay Fixed In May 2024 (Economy)

 The prices of basic Nigerian food items held steady during the month of May 2024. 



According to the National Bureau of Statistics (NBS), selected food price watch for May 2024, the average price of 1kg Rice local sold loose stood at N1,608.89. This kilo represent one detica measurement tin.

 Though this indicates a rise of 189.79% in price on a year-on-year basis from N555.18 in May 2023 and a 14.98% rise in price on a month-on-month basis from N1,399.34 in April 2024, the price held steady instead of fluctuating.

 This represents the trend in prices of other basic food items.during the same period. The average price of 1kg (derica tin) of beans brown (sold loose) increased by 219.05% 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 ba sis, the average price of this item increased by 44.77% from N 1,387.90 in April 2024.

Also, the average price of 1kg (small basket) of Tomato rose by 196.92% on a year-on-year basis from N 498.34 in May 2023 to N 1,479.69 in May 2024. On a month-on-month basis, it increased by 31.71% from N1,123.41 in April 2024. But, no fluctuations in prices. 

 Furthermore, the average price of 1kg (derica yin) Garri white sold loose rose by 200.12% 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% on a month-on-month basis. 

Also, the average price of 1kg (big size)  of Yam tuber increased by 189.20% 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% from N 1,130.37 in April 2024.  

Though these prices represent increase in costs, the little consolation about them is that the prices are not rising daily as it use to but stayed pegged at a cost. Hope it lessens now.

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