Nigerians Buy 1kg of Beans N2,292 In June – NBS

-As Yams, garri and other surge in prices

The average price of 1kg beans brown (sold loose) stood at N2,292.76, representing 252.13 percent price rise in price on a year-on-year basis from N651.12 recorded in June 2023, according to National Bureau of statistics’ selected food price watch for June.

Tomatoes experienced a similar price surge. 1kg of tomatoes experienced significant price increases year on year by 320.67% from N547.28 in June of last year (2023) to N 2,302.26 in June 2024.

On a month-on-month basis, the average price of this item rose by 55.59% from N 1,479.69 in May 2024.

There was also a notable price increase of Irish potato by 288.50% on a year-on-year basis from N623.75 in June 2023 to N2,423.27 in June 2024.

On a month-on-month basis, it increased by 51.92% from N1,595.07 in May 2024.

The price of garri increased higher, with 1kg of white garri went up by 181.66% on a year-on-year basis from N 403.15 in June 2023 to N 1,135.51 in June 2024.

It also recorded an increase of 1.86% on a month-on-month basis. Also, the average price of 1kg of Yam tuber increased by 295.79% on a year-on-year basis from N 510.77 in June 2023 to N 2,021.55 in May 2024. On a month-on-month basis, it increased by 52.87% from N 1,322.36 in May 2024 to N 2,021.55 in June 2024.

Nigeria’s food component inflation has been consistently on the rise. In June it went up to 40.87% on a year-on-year basis, indicating 15.62% points higher compared to the rate recorded in June 2023 (25.25%).

Similarly, on a month-on-month basis, food inflation rate in June 2024 was 2.55%, indicating 0.26% increase compared to the rate recorded in May 2024 (2.28%).

“Food inflation on a year-on-year basis was caused by increases in prices of the following items: millet whole grain, garri, guinea corn, etc (bread and cereal class), yam,water yam, coco yam (potatoes, yam & other tubers class),groundnut oil, palm oil, etc (oil & fats class) and catfish dried, dried fish-sadine, mudfish (fish class), etc”

“On a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%).

The rise in food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the
average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class)”, explained NBS.