NBS: How prices of food increased in March

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NBS

The National Bureau of Statistics (NBS) has explained how the prices of food items rose in March 2022.

According to its document “Selected food price watch for the month of March 2022,” the average price of 1kg of beans (white, black eye, sold loose) increased on year-on-year basis by 46.64 percent from N345.03 in March 2021 to N505.94 in March 2022.

It noted on month-on-month basis, this increased by 1.69 percent from N497.54 in February 2022.

The document said the average price of Bread sliced 500g increased on year-on-year basis by 34.98 percent from N331.76 in March 2021 to N447.80 in March 2022.

NBS noted that “On month-on-month basis, the average price of this item increased by 2.23 percent in March 2022.

“Similarly, the average price of 1kg tomato on year-on-year basis, rose by 53.29 percent from the value recorded in March 2021 (N267.45) to N409.96 in March 2022.

“On month-on-month basis, it increased from N393.08 in February 2022 to N409.96 in March 2022 indicating 4.29 percent growth.

“In the same vein, the average price of Agric eggs (medium size price of one) increased by 27.14 percent from N48.43 in March 2021 to N61.58 in March 2022.”

The NBS added that it also grew by 2.93% on month-on-month basis. The document said the average price of 1kg Plantain (Unripe) rose by 43.54 percent on year-on-year basis from N228.18 in March 2021 to N327.54 in March 2022.

In addition, according to the NBS, “the average price of Groundnut oil: 1 bottle, specify bottle stood at N994.62 in March 2022, showing an increase of 46.00 percent from N681.23 in March 2021.”

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