ECONOMY: INFLATION JACKS UP PRICES OF BEANS, YAM, OTHERS IN JUNE
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A recent report from the National Bureau of Statistics shows that in June 2024, the cost of food items such as beans, tomatoes, yams, garri, and Irish potatoes will increase.
This is in keeping with the Bureau’s recent announcement that headline inflation for June climbed to 34.19 percent in comparison to the 33.95 percent headline inflation rate for May 2024.
As per the NBS report on Selected Food Prices Watch report for June 2024, which was made public in Abuja on Tuesday, the average cost of one kilogram of brown beans went from N651.12 in June 2023 to N2,292.76 in June 2024, an increase of 252.13%.
“On a month-on-month basis, 1kg of brown beans increased by 14.11 per cent in June from the ₦2,009.23 recorded in May 2024,” the report stated.
It said that the average price of 1kg of tomatoes increased by 320.67 per cent on a year-on-year basis from N547.28 recorded in June 2023 to N2,302.26 in June 2024.
“On a month-on-month basis, 1kg of tomatoes increased by 55.97 per cent from the N1,479.69 recorded in May 2024,” it added.
The report said that the average price of Irish potatoes increased by 288.50 per cent on a year-on-year basis from N623.75 in June 2023 to N2,423.27 in June 2024.
The NBS said that the average price of 1kg of white Garri rose by 181.66 per cent on a year-on-year basis from N403.15 in June 2023 to N1,135.51 in June 2024.
“On a month-on-month basis, 1kg of white Garri increased by 1.86 per cent from N1,114.72 recorded in May 2024.
In addition, the average price of 1kg of yam tuber rose by 295.79 per cent on a year-on-year basis from N510.77 recorded in June 2023 to N2,2021.55 in June 2024.
On state profile analysis, the report showed that in June 2024, the highest average price of 1kg of brown beans was recorded in Kogi at N3,006.43, while the lowest was recorded in Adamawa at N1,336.11.
It said that Abuja recorded the highest average price of 1kg of tomato at N3,992.61, while the lowest was recorded in Kebbi at N1,200.
The NBS said that the highest average price of 1kg of yam tuber was recorded in Lagos at N3,376.54, while the lowest price was recorded in Adamawa at N1,100.
According to the report, Gombe recorded the highest average price of 1kg of white garri at N1,619.27, while the lowest was reported in Taraba at N900.
Analysis by zone showed that the average price of 1kg of brown beans was highest in the North-Central at N 2,923.45, followed by the South-South at N 2,630.03.
The South-West and South-East recorded the highest average price of 1kg of tomatoes at N3,261.84 and N2,852.59, respectively, while the lowest price was in the North-West at N1,411.16.
The report said that the South-West recorded the highest average price of 1kg of yam tuber at N2,745.80, followed by the North-Central at N2,440.35, while the North-West recorded the lowest price at N1,238.49.
The NBS said also that the South-West and the North-East recorded the highest average price of 1kg of white Garri at N1,199.62 and N1,155.63, respectively.
This is as the Federal Government recently granted a 150-day duty-free import window for food commodities, in a bid to address the incessant increase in food prices and ensure food security.
The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.
The government also said it had approved some grains for onward nationwide distribution.
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