Food commodity such as beans and rice have been identified as the major drivers of annual inflation in May 2021.
This was revealed in the ‘Selected food prices watch for May 2021’ report obtained on Sunday by the National Bureau of Statistic.
According to the report, national beans recorded 58.28 per cent and 15.94 per cent annual and monthly inflation respectively, while national garri recorded 53.89 per cent and 9.25 annual and monthly inflation respectively.
“Selected food price watch data for May 2021 reflected that the average price of one dozen of agric eggs medium size increased year-on-year by 17.10 per cent and month-on month by 2.10 per cent to N541.53 in May 2021 from N530.40 in April 2021.
Other commodities such as tomatos also saw an increase in price.
“The average price of 1kg of tomato increased year-on-year by 9.09 per cent and month-on-month by 9.47 per cent to N303.51 in May 2021 from N277.26 in April 2021.”
The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 17.46 per cent and month-on-month by 0.65 per cent to N544.09 in May 2021 from N540.58 in April 2021.
It added that the average price of 1kg of yam tuber increased year-on-year by 13.96 per cent and month on month by 6.80 per cent to N269.98 in May 2021 from N252.80 in April 2021.