As Nigerians battle with increasing prices of food items, with food inflation standing at 24.45 per cent in March and 22.04 per cent headline inflation, recent data specifically showed that the costs of beef, beans, yam, vegetable oil and others grew respectively.
The National Bureau of Statistics disclosed this in its recent Selected Food Price Watch for March 2023.
Beef
The average price of 1kg of beef, also known as cow meat in Nigeria, increased by 25.05% yearly.
The price of beef was recorded at N2,479.61 in March 2023 against N1,982.92 recorded in March 2022, representing a 1.38% rise in price monthly from N2,445.96 in February 2023.
Also, NBS said the average price of 1kg of beef (boneless) stood at N2,479.61 in March 2023.
“This indicates a rise in price by 25.05% on a year-on-year basis from the price recorded in March 2022 (N1,982.92) and a 1.38% rise in price on a month-on-month basis from N2,445.96 in February 2023″.
Tomatoes
Similarly, the average price of 1kg of Tomatoes grew by 13.81 per cent yearly to N466.60 in March 2023 from N409.96 in the same Month last year.
Beans
In the case of beans, the average price of 1kg of brown beans (sold loose) increased by 13.13 per cent yearly to N596.96 in March 2023 from N527.66 the same Month last year.
Yam
On the side of yam, the average price for 1kg of a tuber rose by 25.30 per cent yearly to N443.02 in March 2023 from N353.56 the same Month last year.
Vegetable Oil
At the same time, the price of vegetable oil, precisely one bottle, stood at 1,220.62 in March 2023 against 970.29 in March Last year.