Data gathered from major markets in Nigeria reveal prices of Ijebu Garri have continied to drop for the 4th week running in Ago Ishaga Market in Lagos.
Nairametrics research conducts household food price survey on a biweekly basis monitoring prices of select food in major markets across the state.
The research was conducted on the 9th of September 2017 and indicated household food prices have generally dropped for the second straight period.
- Our finding reveal that of the 84 items surveyed by Nairametrics, all but 11 did not record any price increase or decrease.
- Of the 11 items that recorded a price change, only one, Simas Magarine, recorded a price increase.
- A bag of Royal Stallion rice shed 500, while the three types of tuber of yam tracked by Nairametrics recorded price decreases of 100 each.
- A bag of Oloyin beans shed N1,500 as at the period under review.
- Ijebu garri continued to record price decrease with an 80kg bag now going for N19,500.
- The same 80kg bag of Ijebu garri prices sold for as high as N32,000 in July representing a drop of about 39%.
- An 80kg bag of Ijebu garri cost about N15,500 in September 2016.
We have observed a declined in food prices since the start of August, just as the harvest season begun. Market sellers inform Nairametrics that it is typically the case during harvest seasons for food prices to decline considerably. They also opine that transportation cost has stabilized a lot more in recent times, as prices of diesel crash.
The National Bureau of Statistics also reported last week that year on year inflation rate for the month of August rose by 16.01%. The NBS also reported that food index stood at 20.25% (year-on-year) in August, down 0.03% from 20.28% recorded in July. The food index also increased by 1.14% month-on-month in August compared to the 1.52% recorded in the month of July.
The bureau explained that the rise was due to increases in prices of bread and cereals, meat, fish, oils and fats, coffee, tea and cocoa.
On an annual basis, the average food inflation rate for the 12month period ending in August stood at 18.57% in July from 18.25% recorded in July.
Toggle with our smart table to check food prices. Note; negative absolute change means food price drop
NB: These prices are checked every two weeks by Nairametrics team and is not in any way related to the official food price survey conducted by the National Bureau of Statistics. The prices here are for select markets in Lagos.