Nairametrics Research on Household Food Items conducted from major markets in Lagos State reveals a general increase in prices for the week ended May 5, 2018.
Our composite Household basket was ₦332,580 compared to ₦329, 680 for the period ended April 21st, 2018. This is also one of the highest basket prices we have recorded in recent weeks. Data from the survey reveals a general price increase of about 0.01% from the last period.
Nairametrics Household Food Index tracks prices from Daleko, Iddo, Ago Ishaga, Ojuiwoye, Idi Oro and Aguda Market.
Price changes
- There were no noticeable price changes for about 82 items on our price list
- We only recorded a price drop for 1 item on the list, which was Egg (Crate).
- A crate of eggs dropped from ₦1100 to ₦1,000 in the period under review.
- A Basket of Tomatoes (Round Shaped) increased sharply from ₦4,000 to ₦7,000 compared to ₦2,700 in our base period.
- Round Shaped Tomato prices are now very high while those of Oval Shaped Tomatoes still remain the same at ₦5,500, since December 2017.
- Palm Oil prices are still ₦12,200 from the ₦14,200 recorded in our base period.
- Gas Refill (5kg) has remained the same at ₦1,700 since December 2017. This same 5kg sold for ₦2,400 in our base period.
Key Takeaways
- Round Shaped Tomatoes surprisingly increased by ₦3000 jumping from ₦4,000 to ₦7000 in a space of 2 weeks.
- Information from various locations reveals most 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 last 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 since then.
- Of all prices, we have seen a general price drop for items such as yam, potato, garri and rice from our base period.
- Since these are the staple food items mostly consumed by Lagosians nay Nigerians, then, it is a cheering development.
