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JUST IN: Local Rice Price Rose by 24% as Food Prices Soar – NBC

A recent report released by the National Bureau of Statistics (NBS) shows an alarming price increase in various food items, including tomatoes, yams, and rice, during the month of May.

POLITICS NIGERIA reports that the report revealed that the cost of local rice has soared by a staggering 24% over the past twelve months. Specifically, the average price of 1kg of local rice climbed from N447.51 in May 2022 to N555.18 in May 2023.

Similarly, the price of 1kg of tomatoes witnessed a year-on-year increase of 17.68%, from N423.48 to N498.34 during the same period. On a monthly basis, tomatoes’ cost rose by 2.73% from the previous month’s record of N485.10 in April 2023.

Other key findings from the report include a 22.84% increase in the average price of 1kg yam tuber, rising from N372.23 in May 2022 to N457.25 in May 2023. Additionally, the price of 1kg of onion bulb surged by 17.12% year-on-year, reaching N453.86 in May 2023 from N387.53 in May 2022.

The rising trend extended to boneless beef, which experienced a notable 24.19% increase in price over the past year, going from N2,029.59 in May 2022 to N2,520.52 in May 2023.

The report also provided a state-wise analysis, with Edo state recording the highest average price of 1kg of tomatoes at N957.95, while Kogi state had the lowest at N215.43. Similarly, Ondo recorded the highest average price of 1kg of local rice (sold loose) at N724.81, and Jigawa had the lowest at N369.09.

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