Nairametrics biweekly household food prices recorded an average drop in prices in the items included in the basket for the fortnight ended February 10th 2018.
Nairametrics conducts a biweekly survey of household food prices in some major markets in Lagos State. The survey started in September 2016.
Data from our latest survey reveals a general price drop of about 0.01%, reducing from N331, 760 on the 27th of January to 2018 to N327, 550 by the 10th of February 2018. It was however 1% higher than the N324, 730 recorded in September 2016, our base period.
- There were no noticeable price increases from the about 83 items on our price list
- We recorded a price drop for 6 items on the list which included Palm Oil, Tomato, St Louis Sugar, and a crate of eggs.
- Palm Oil prices which rose slightly at the start of the year dropped across board.
- A 30 litre gallon of Palm Oil dropped from N14,000 to N13,200
- 20 litre gallon of Palm Oil dropped from N9,500 to N8,800 in the period under review.
- Palm Oil prices are now down from the N14,200 recorded in our base period.
- We also recorded a 38% price drop for small basket of round shaped tomato from N6,400 to N4,000. Tomato prices are still high from our base period with small basket of round shaped trading for N2,700 in our base period.
- Prices of St Louis Sugar dropped to N380 compared to N400 two weeks earlier. This sugar sold for N380 in our base year.
- A crate of eggs dropped 9% to N1000 in the period under review
- Information various locations reveal food prices have remained either stable or dropping since the last quarter of 2017
- Most market women attribute this drop to better harvest season last year and that they have not had shortages of food items
- The increase in the pump price of fuel has had marginal effects albeit for some food items but not enough to cause a jolt in prices.
- Of all prices, we have seen a general price drop for items such as yam, potato, garri and rice from our base period.
- For example, Irish Potato prices are down by about 60% over the last one year. At the time we started compiling this list, Irish Potato prices sold for as high as N3,600 for a big basket. It is now selling for as low as N1,400.
- This is quite remarkable considering that these are staple food items consumed mostly by Lagosians.
- On Palm Oil, members of the National Assembly pronounced that they supported a ban on Palm Oil imports into Nigeria to encourage local production. We will be tracking the impact of this announcement on Palm Oil Prices.