By Yinka Kolawole
Further insight into Nigeria’s inflation figures has indicated that basic food items were the inflation leaders in the last month’s figures published by the National Bureau of Statistics (NBS). The staples are beans and garri which are mainly consumed by low income earners.
This is coming at the backdrop of sustained decline in the headline inflation numbers for the months of April and May 2021.
In its “Selected food prices watch for May 2021’ report, NBS noted that though there was a general rise in food prices in the month, average price of beans (brown) across the nation increased astronomically by 58.28 per cent year-on-year and 15.94 per cent month-on-month.” But the Bureau’s summary shows that white beans rose by 61.96%.
NBS also stated: “Average price of garri went up nationally by 53.89 per cent YoY and 9.25 MoM, respectively.”
Recall that the headline inflation rate as reported by NBS dipped to 17.93% in May 2021 from 18.12% recorded in April 2021, which was also down from 18.17% recorded in March 2021.
Meanwhile the NBS report also said the “selected food price watch data for May 2021 reflected that the average price of one dozen of agric eggs medium size increased year-on-year by 17.10 per cent and month-on month by 2.10 per cent to N541.53 in May 2021 from N530.40 in April 2021;
“While the average price of piece of agric eggs medium size (price of one) increased year-on-year by 22.41 per cent and month-on-month by 1.72 per cent to N49.99 in May 2021 from N49.14 in April 2021.”
NBS further stated: “The average price of 1kg of tomato increased year-on-year by 9.09 per cent and month-on-month by 9.47 per cent to N303.51 in May 2021 from N277.26 in April 2021.
“The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 17.46 per cent and month-on-month by 0.65 per cent to N544.09 in May 2021 from N540.58 in April 2021.”
The bureau added that the average price of 1kg of yam tuber increased year-on-year by 13.96 per cent and month on month by 6.80 per cent to N269.98 in May 2021 from N252.80 in April 2021.