Food prices increased in May by 24.82% year-on-year, the sharpest jump in 17 years, as Nigerian households continued to grapple with double digit inflation.
Inflation is the increase in prices over time. If a cup of garri costs N200, and N250 a year later, then annual garri inflation is 25%.
The National Bureau of Statistics said food and non-alcoholic beverages contributed the most to the headline inflation or consumer price index, which stood at 22.41%, higher than 22.22% in April.
“The rise in the food inflation on year-on-year basis was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, spirit,” it said.
NBS has now released full details of how food prices changed in May. They cover 43 items, from milk to maize to chicken feet.
Nigerians are bound to face higher prices as inflation is poised to rise even further after the removal of petrol subsidy and the devaluation of the naira.
The Bank of America projects that Nigeria’s inflation rate will reach 30% by the end of year.
– Annual change (May 2022 – May 2023)
According to the statistics office, the three distinct food items that rose the most in price in the last one year to May were Peak evaporated tinned milk, which rose by as much as 48.59%; agric eggs which rose 35.83%; and ripe plantain which increased by 32.44%.
The item with the highest inflation (Peak milk: 170grams) was most expensive in Anambra state and least in Adamawa.
Those that recorded the smallest increase were tilapia with 10.25% and smoked catfish which rose by 11.26%.
– Monthly change (April 2023 – May 2023)
The three distinct food items that increased in price the most between April and May were sweet potato, which rose by as much as 3.87%; unripe plantain which rose 3.71%; and sliced bread (500g) with 3.24%.
The item with the highest monthly inflation (potato) was most expensive in Akwa Ibom and most affordable in Benue.
Those that recorded the smallest increase were palm oil, which rose by 0.18%; yellow garri with 0.45%, and dried mudfish with 0.57%.
The item with the least inflation (palm oil) was most expensive in Zamfara and cheapest in Kwara.
Here are the rates for all the items.
Food price increases – overall 24.82%
| ITEMS | Month (%) | Year (%) | Highest | Lowest |
| Evaporated tinned milk(peak), 170g | 1.42 | 48.59 | Anambra (N473.33) | Adamawa (N322.35) |
| Evaporated tinned milk carnation 170g | 2.87 | 43.54 | Oyo (N440.00) | Plateau (N220.00) |
| Agric eggs(medium size price of one) | 1.13 | 35.83 | Imo (N105.04) | Niger (N74.91) |
| Agric eggs medium size | 1.96 | 35.35 | Enugu (N1193.85) | Kogi (N620) |
| Plantain(ripe) | 3.25 | 34.81 | Imo (N750.20) | Taraba (N220.00) |
| Plantain(unripe) | 3.71 | 32.44 | Rivers (N610.14) | Taraba (N225.00) |
| Palm oil: 1 bottle | 0.18 | 30.89 | Zamfara (N1297.67) | Kwara (N780.19) |
| Bread unsliced 500g | 2.73 | 30.60 | Delta (N843.75) | Akwa Ibom (N310.00) |
| Bread sliced 500g | 3.24 | 30.50 | Edo (N840.00) | Plateau (N375.25) |
| Rice (imported high quality sold loose) | 1.47 | 27.98 | Rivers (N1134.30) | Plateau (N600.08) |
| Groundnut oil: 1 bottle, specify bottle | 0.98 | 27.81 | Ebonyi (N2202.34) | Kogi (N773.33) |
| Irish potato | 3.14 | 27.18 | Lagos (N1253.04) | Kogi (N240.74) |
| Vegetable oil:1 bottle | 1.89 | 26.78 | Abia (N1702.00) | Kogi (N750.89) |
| Sweet potato | 3.87 | 26.70 | Akwa Ibom (N498.40) | Benue (N180.72) |
| Rice agric sold loose | 1.40 | 26.26 | Rivers (N1016.55) | Kebbi (N433.94) |
| Beef Bone in | 1.47 | 25.75 | Ogun (N2383.35) | Osun (N1588.10) |
| Iced Sardine | 1.41 | 24.54 | Imo (N2893.65) | Zamfara (N1290) |
| Beef (boneless) | 1.00 | 24.19 | Imo (N3475.04) | Kogi (N1790.14) |
| Rice local sold loose | 1.54 | 24.06 | Ondo (N724.81) | Jigawa (N369.09) |
| Wheat flour: prepacked (golden penny 2kg) | 1.56 | 24.06 | Rivers (N1627.27) | Kogi (N998.57) |
| Rice Medium Grained | 0.94 | 23.81 | Bayelsa (N889.88) | Kogi (N470.00) |
| Yam tuber | 2.83 | 22.84 | Akwa Ibom (N924.17) | Benue (N214.79) |
| Chicken Feet | 1.67 | 21.03 | Enugu (N2189.00) | Taraba (N397.13) |
| Frozen chicken | 1.29 | 19.64 | Enugu (N5087.50) | Taraba (N1906.49) |
| Broken Rice (Ofada) | 1.74 | 18.84 | Lagos (N948.92) | Benue (N430.00) |
| Mackerel : frozen | 2.18 | 18.54 | Ebonyi (N2788.59) | Benue (N1083.33) |
| Tomato | 2.73 | 17.68 | Edo (N957.95) | Kogi (N215.43) |
| Beans brown (sold loose) | 2.29 | 17.29 | Ebonyi (N965.91) | Niger (N452.42) |
| Onion bulb | 2.83 | 17.12 | Cross River (N960.82) | Katsina (N334.21) |
| Gari yellow (sold loose) | 0.45 | 16.51 | Imo (N535.48) | Kwara (N285.48) |
| Catfish (obokun) fresh | 1.35 | 15.90 | Enugu (N3195.45) | Kogi (N876.67) |
| Titus: frozen | 1.27 | 15.75 | Rivers (N2692.95) | Kwara (N1100.71) |
| Dried Fish Sardine | 2.16 | 15.59 | Anambra (N3505.00) | Ondo (N1325.00) |
| Chicken Wings | 2.35 | 15.06 | Delta (N2716.67) | Taraba (N593.03) |
| Maize grain yellow sold loose | 2.88 | 15.04 | Bayelsa (N610.74) | Kebbi (N244.51) |
| Catfish :dried | 1.88 | 14.39 | Imo (N4633.56) | Taraba (N1609.09) |
| Beans: white black eye. sold loose | 2.62 | 14.30 | Ebonyi (N880.00) | Benue (N428.20) |
| Gari white, sold loose | 2.46 | 13.64 | Enugu (N499.58) | Kwara (N268.55) |
| Mudfish (aro) fresh | 1.09 | 13.12 | Edo (N2300.00) | Kwara (N850.67) |
| Mudfish : dried | 0.57 | 12.26 | Abia (N4072.73) | Kebbi (N1525.00) |
| Maize grain white sold loose | 1.20 | 11.46 | Rivers (N551.76) | Kano (N255.48) |
| Catfish Smoked | 1.34 | 11.26 | Ogun (N2500) | Kaduna (N1485.67) |
| Tilapia fish (epiya) fresh | 2.18 | 10.25 | Edo (N2325.00) | Bauchi (N489.78) |
Source: NBS
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