Tinubunomics Bite Harder As Prices Of Beans, Tomato, Garri Rise By Over 30%

The prices of major staple food items such as tomato, beans, garri, and potatoes rose by over 30% in May, according to the National Bureau of Statistics (NBS) food price watch for the month.

The continuous rise in prices of goods and services appears unrelenting as the effect of the economic crunch makes life harder for millions of Nigerians who spend a large part of their income on food. The economy has been reeling from the effects of subsidy removal, exchange rate unification, and higher interest rates amidst a growing fiscal deficit.

According to the report, the average price of 1kg of brown beans (sold loose) increased by 219.05% year-on-year, rising from N629.75 in May 2023 to N2,009.23 in May 2024. On a month-on-month basis, the price increased by 44.77%, up from N1,387.90 in April 2024.

Similarly, the average price of 1kg of tomatoes rose by 196.92% year-on-year, from N498.34 in May 2023 to N1,479.69 in May 2024. Month-on-month, the price increased by 31.71%, up from N1,123.41 in April 2024.

Furthermore, the average price of 1kg of white garri (sold loose) increased by 200.12% year-on-year, rising from N371.42 in May 2023 to N1,114.72 in May 2024, with a month-on-month increase of 30.87%. Additionally, the average price of 1kg of yam tuber increased by 189.20% year-on-year, from N457.25 in May 2023 to N1,322.36 in May 2024. On a month-on-month basis, the price increased by 16.98%, up from N1,130.37 in April 2024.

The average price of 1kg of locally sold loose rice stood at N1,608.89. This represents an 189.79% increase year-on-year from N555.18 in May 2023 and a 14.98% rise month-on-month from N1,399.34 in April 2024.

State by State analysis
The state profile analysis for May 2024 reveals that the highest average price of 1kg of locally sold loose rice was recorded in Kogi State at N2,528.84, while the lowest was in Benue State at N1,013.59.

The highest average price of 1kg of brown beans (sold loose) was in Plateau at N2,855, with the lowest in Kebbi State at N1,171.21. For tomatoes, Rivers State had the highest average price at N2,100.12, while Katsina had the lowest at N775.02.

Gombe reported the highest average price for 1kg of white garri (sold loose) at N1,613.29, while the lowest was in Kwara at N825.70.

Increase across geo-political zones
Additionally, a zonal analysis showed that the Northeast had the highest average price for 1kg of locally sold loose rice at N1,821.77, followed by the Southwest at N1,698.53, with the Southeast recording the lowest at N1,328.44.

The highest average price for 1kg of brown beans (sold loose) was in the North-Central and South-South at N2,574.52 and N2,293.03, respectively, while the lowest was in the Northwest at N1,379.97.

The South-South recorded the highest average price for 1kg of tomatoes at N2,053.59, followed by the Southeast at N1,643.76, with the lowest in the Northeast at N1,050.84.

The Southwest and Northeast had the highest average prices for 1kg of white garri (sold loose) at N1,294.51 and N1,138.62, respectively, while the lowest was in the North-Central at N1,021.20.

What this means
The double-digit monthly increase in staple food prices denotes a renewed increase in food prices after the tepid rise seen in March and April. The spike also defies earlier projections that curve of food inflation will begin to flatten by the end of the first half of the year.

An earlier report by Nairametrics on food prices during the just concluded Muslim Eid celebration saw food prices at a 30year high making the period the most expensive for Muslims in almost three decades.

Last updated on July 15th, 2024 at 11:22 pm

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