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Prices of egg, tomato, others drop in May – NBS

Prices of egg, tomato and some major commodities dropped in May from what was recorded in April.

A report released by the National Bureau of Statistics (NBS) showed that selected food price watch data for May 2019 reflected that the average price of one dozen of agric poultry eggs medium size decreased year-on-year by -15.27 per cent and month-on month by -0.49 per cent to N464.87 in May 2019 from N467.18 in April 2019.

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The report showed that the average price of a piece of agric eggs medium size (price of one) increased year-on-year by 2.52 per cent and month-on-month by 2.08 per cent to N42.82 in May 2019 from N41.95 in April 2019.

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The average price of 1kg of tomato decreased year-on-year by -18.76% and month-on-month by -3.01 per cent to N249.52 in May 2019 from N257.25 in April 2019.

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The average price of 1kg of rice (imported high quality sold loose) decreased year-on-year by -3.54 per cent and increased month-on-month by 1.07 per cent to N361.39 in May 2019 from N357.55 in April 2019.

Similarly, the average price of 1kg of yam tuber decreased year-on-year by -25.85 per cent and month-on month by -2.84 per cent to N216.03 in May 2019 from N222.36 in April 2019.

Meanwhile, in a separate report, NBS stated that the all commodity group import index decreased by -0.46 per cent due to fall in prices of live animals; animal products, products of chemical and Allied industries, and wood and articles of wood and wood charcoal.

The report showed that the all commodity group export price index rose by 1.85 per cent due to increases in the prices of animal and vegetable fats and oils.

The all products Terms of trade (TOT) index increased by 2.30 per cent due to increases in prices of animal  and vegetable fats and oils and other cleavage products.

The All region group export index rose by 1.85 per cent due to rise in export prices to Asia and America.

The All region group import index fell by -0.46 per cent due to declines in import prices across all Regions.

The All region terms of trade increased by 2.30 per cent due to increased export prices to and Asia and America.

The report showed that Nigeria’s major trading partner countries in the first quarter of 2019 were India, China, Spain, France and the Netherlands.

The major export to these countries were crude petroleum and natural gas, while the major imports from these countries were motorcycles, motor spirit (ordinary) and machine for  reception, conversion and distribution of voice/images.

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