Jonathan Nwokpor
According to the National Bureau of Statistics, during President Bola Ahmed Tinubu’s tenure, rice, beans, tomatoes, garri, and yam prices increased by 189.20 to 219.05 per cent in the past 12 months.
NBS revealed this in its most current Selected Food Price Watch for May.
According to the research, the average cost of a kilogramme of locally sold rice in May was N1,608.89.
This is a 189.79 per cent annual increase in price from N555.18, which was recorded in May 2023, the month of Tinubu’s inauguration as president.
In an identical vein, the cost of rice went up from N1,399.34 in April 2024 to 14.98 per cent every month.
On an annual basis, the mean cost of one kilogramme of brown beans (sold loose) rose by 219.05 per cent from N 629.75 in May of last year (2023) to N 2,009.23 in May 2024.
From N1,387.90 in April 2024, the biggest monthly gain was recorded, amounting to 44.77 per cent.
Subsequent examination of the data revealed that the cost of a kilogramme of tomatoes increased annually by 196.92 per cent, from N 498.34 in May 2023 to N 1,479.69 in May 2024.
It rose from N1,123.41 in April 2024 by 31.71 per cent monthly.
Additionally, the average cost of one kilogramme of loose garri white increased by 200.12% year over year, from N 371.42 in May 2023 to N 1,114.72 in May 2024; on a month-to-month basis, the price increased by 30.87 per cent.
Similarly, from N457.25 in May 2023 to N1,322.36 in May 2024, the average cost of a kilogramme of yam tubers rose by 189.20 per cent annually. It grew from N 1,130.37 in April 2024 by 16.98 per cent monthly.
This comes as food inflation and Nigeria’s headline rates rose to 40.66 per cent and 33.95 per cent in May, respectively, signalling worsening economic conditions for the country’s population.
According to the Central Bank of Nigeria, the nation’s inflation rate decreased month over month in May 2024 due to its Monetary Policy.
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