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Nigeria’s inflation rate increased by 1.13% in May over the same month last year due to rising food prices.

Food inflation in Nigeria increased by 1.13% year over year to 24.19%, with important products including beef, tomato, and rice seeing the biggest increases.

The National Bureau of Statistics recently produced a report titled “Selected Food Price Watch” for May 2023, which found significant price increases in several necessary foods.

Consumers and the economy as a whole are faced with hurdles as the headline inflation rate keeps rising due to inflationary pressure and contractionary monetary policy.


In May 2023, 1 kg of boneless beef cost an average of N2,520.52, up from N2,029.59 in May of the previous year, according to the research. The price increased month over month from N2,495.69 in April 2023.
This shows a growth of 24.19% on an annual basis and 0.99% on a monthly basis.


The cost of a kilogram of tomatoes increased on average by 17.68% from May 2022 to May 2023, from N423.48 to N498.34. The report, however, did not specify the month-to-month variation.


Significant inflationary pressures were also present for local rice prices. From N447.51 in May 2022 to N555.18 in May 2023, the average cost of 1 kg of local rice (sold loose) increased. The price climbed month over month from N546.76 in April 2023.
This shows a 24.06% increase on an annual basis and 1.54% on a monthly basis, they continued, adding that the average price of this rice grew by 2.73% on a monthly basis in May 2023.
The study emphasized further price rises for yam tubers and onion bulbs among other food commodities. From N387.53 in May 2022 to N453.86 in May 2023, the average price of 1 kg of onion bulbs increased by 17.12% annually.

The cost of 1 kilogram of yam tubers grew on average by 22.84% from May 2022 to May 2023, from N372.23 to N457.25.

ranking of states
Imo State had the highest average price for 1 kg of boneless beef, N3,475.04, while Kogi State had the lowest, N1,790.14, according to the report’s ranks of inflation.
The average cost of a kilogram of tomatoes in Edo State was N957.95, while that in Kogi State was N215.43.
Jigawa State had the lowest average price for 1 kg of rice at N369.09, while Ondo State had the highest average price at N724.81 per kg.

The following rankings based on geopolitical zones are highlighted:
The regions with the highest average pricing for 1 kg of boneless beef were the South-East and South-South, while the region with the lowest average price was the North-Central.
The South-South region, followed by the South-West, had the highest average price for 1 kg of local rice, while the North-West had the lowest average price.

In May 2023, Nigeria’s inflation rate increased for the fifth time in a row, reaching 22.41%. Food and non-alcoholic beverages are the biggest contributors to inflation, followed by housing, water, electricity, gas, and other fuels, as well as clothing and footwear. Inflation is still at a 17-year high despite the Central Bank of Nigeria’s contractionary monetary policies.

The headline inflation rate in May 2023 was 1.94%, which was 0.03% higher than the rate seen in April 2023 (1.91%), on a month-over-month basis.

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