Abia Records Highest Increase in Average Price of Bread at N650

By Dipo Olowookere

The National Bureau of Statistics (NBS) has disclosed that the highest increase in the average price of sliced bread in Nigeria last month occurred in Abia State at N650 per 500g, while the lowest was in Borno State at N260.

In its Selected Food Price Watch, the agency said nationally, the average price of bread increased on a year-on-year basis by 34.98 per cent to N44.80 in March 2022 from N331.76 in March 2021 and on a month-on-month basis, it rose by 2.23 per cent.

The NBS stated further that the average price of 1kg of beans (white, black eye, sold loose) increased on a year-on-year basis by 46.64 per cent from N345.03 in March 2021 to N505.94 in March 2022 and on a month-on-month basis, it went up by 1.69 per cent from N497.54 in February 2022.

The price was highest in the month under review in Ebonyi State at N867.29 and lowest in Bauchi State at N252.95.

In the report, it was revealed that the average price of a kilo of tomato rose by 53.29 per cent on a year-on-year basis to N409.96 last month from N267.45 reported exactly a year ago and on a month-on-month basis, it increased by 4.29 per cent from N393.08 in February 2022 to N409.96 in March 2022.

Analysis showed that Bayelsa State recorded the highest price of 1kg of tomato at N753.83, while Taraba State recorded the lowest at N134.46.

A look at other food items showed that the price of Agric eggs (medium size price of one) increased by 27.14 per cent from N48.43 in March 2021 to N61.58 in March 202, the price of 1kg plantain (unripe) jumped 43.54 per cent on a year-on-year basis from N228.18 to N327.54, the price of a bottle of groundnut oil rose y/y by 46.00 per cent to N681.23 from N994.62, while the price of 1kg of local rice rose by 12.15 per cent to N441.80 last month from N393.92 a year ago and went up by 1.20 per cent in March 2022 from N436.58 in February 2022. The highest price was in Rivers State at N578.51 and the lowest was in Yobe State at N351.38.

Business Post reports that the price of boneless beef increased y-o-y by 34.33 per cent last month to N1,955 from N1,456, with Abuja reporting the highest price at N2,600 and Bayelsa State posting the lowest price at N1.258.