How food prices increased in April

Prices of food across the country have continued to skyrocket, a report by the National Bureau of Statistics has disclosed.

Recall that annual food inflation accelerated to 18.4% from 17.2% in March which sent the headline rate for April to 16.8%.

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In the report titled, Selected Food Price Watch for the month of April 2022”, the NBS stated that the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 44.32% from N359.64 in April 2021 to N519.05 in April while on a month-on-month basis, increase was by 2.59% from N505.94 in March.

Also, the price of a 500g of sliced bread increased on a year-on-year basis by 35.31% from N332.95 in April 2021 to N450.51 in April 2022. While it rose by 0.61% from what was recorded in March.

For a 1kg yam tuber, its price rose by 42.88%, valued N361.20 from N252.80 recorded in last year and it increased to N361.20 from N353.56 in March.

The average price of palm oil: (1 bottle) increased by 45.59% from N578.86 in April 2021 to N842.75 in April 2022. It also grew by 0.06% on a month-on-month basis. The average price of 1kg plantain (unripe) rose by 38.66% on a year-on-year basis from N243.37 in April 2021 to N337.47 in April 2022. In addition, the average price of one bottle of groundnut oil was N1,007.68 in April 2022, showing an increase of 46.21% from N689.19 in April 2021. On a month-on-month basis, it rose by 1.31% from N994.62 in March 2022.