Beans, Garri Prices Drove Annual Food Inflation

The National Bureau of Statistic has said in a new report that the prices of beans and garri drove annual food inflation in May 2021.

According to the  ‘Selected food prices watch for May 2021’, there was a general rise in food prices in the month under review.

The report stated that the national bean price recorded 58.28 percent and 15.94 percent annual and monthly inflation respectively, while national garri price recorded 53.89 percent and 9.25 annual and monthly inflation respectively.

“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.

“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″, it said.

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.

It 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.