Prices of beef, rice, yam and tomatoes surged the most in May on accelerating inflation, data from the National Bureau of Statistics show.
In the same vein, the average price of 1kg of tomato increased by 17.68 per cent on a year-on-year basis to N498.34 in May 2023 from N423.48 in May 2022.On state profile analysis, the highest average price of 1kg of beef was recorded in Imo state at N3,475.04, while the lowest was recorded in Kogi state at N1,790.14.
For yam, the highest average price of 1kg of yam tuber was recorded in Akwa Ibom at N924.17, while the lowest was recorded in Benue at N214.79. On the back of these increases, inflation has slowed salaries and wage growth over the years. With accelerating inflation, the real value of wages continues to fall, affecting how far salaries go in the day-to-day life of employees.
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