Nigeria witnessed a year-long increase in food prices, particularly for key ingredients such as beef, tomato, and rice, as food inflation rises by 1.13% year on year to 24.19%
The recently released report by the National Bureau of Statistics titled “Selected Food Price Watch” for May 2023, revealed significant price hikes in these essential food items.
The inflationary pressure, coupled with contractionary monetary policies, continues to drive the headline inflation rate to new heights, posing challenges for consumers and the economy at large.
According to the report, the average price of 1kg of boneless beef in May 2023 stood at N2,520.52, when compared to a price of N2,029.59 in May of the previous year. On a month-on-month basis, the price rose from N2,495.69 in April 2023.
This indicates a 24.19% increase on a year-on-year basis and 0.99% on a month-on-month basis.