Selected Food Prices Watch (February 2022)

Executive Summary

Selected Food Price Watch for the month of February 2022 shows that the average price of 1kg of beans (white, black eye, sold loose) rose on year-on-year basis by 50.1 percent from N 331.48 in February 2021 to N 497.54 in February 2022. Similarly, there was an increase of 3.34percent month-on-month from N 481.47 in January 2022 to N 497.54 in February 2022.
The average price of Bread Sliced 500g, also, increased year-on-year by 34.11 percent from N 326.61 in February 2021 to N438.03 in February 2022. On month-on-month, the average price of this item increased by 4.63 percent (N418.65) in February 2021. Likewise, the average price of 1kg Tomato increased from N367.01 in January 2022 to N393.08 in February 2022 indicating 7.10 percent rise. Year-on-year analysis shows that the average price also rose by 46.03 percent (N 269.18) in February 2021. In the same vein, the average price of Agric eggs (medium size price of one) increased by 2.65 percent from N58.28 in January 2022 to N59.82 in February 2022. Also, the average price of 1kg Yam tuber rose by 39.92 percent from N242.82 in February 2021 to N339.76 in February 2022.
Similarly, the average price of Groundnut oil: 1 bottle, specify bottle stood at N971.01 in February 2022; this shows an increase of 3.18 percent (N941.10) in January 2022. In the same way, the year-on-year analysis shows an increase of 43.46 percent (N676.87) in February 2021.

Data source: National Bureau of Statistics