Prices of vegetable oil drop in latest Household Food Price Survey

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Nairametrics Research on Household Food Items conducted from major markets in Lagos State reveals a general decrease in prices for the week ended June 2, 2018.

Our composite Household basket was ₦332,980 compared to ₦334,180 for the period ended May 19, 2018. This is also one of the highest basket prices we have recorded in recent weeks. Data from the survey reveals a general price decrease of about 0.36% 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 78 items on our price list.
  • 5L Gallons of Kings Vegetable Oil dropped from  ₦2,900 to ₦2,500.
  • 3L of Power Vegetable Oil reduced to ₦2400 from ₦2000 in the last period.
  • 3.8L of Mamador Vegetable Oil reduced to ₦2100 from ₦3000.
  • 5L of Wesson Vegetable Oil dropped from ₦4500 to ₦4000.
  • A Basket of Tomatoes (Round Shaped) increased again from  ₦7,000 to ₦7,500 compared to ₦2,700 in our base period.
  • Oval Shaped Tomatoes increased from ₦5,500 (since December 2017) to ₦6000.
  • Palm Oil prices are still  ₦12,200 from the ₦14,200 recorded in our base period.
  • Gas Refill (5kg) remained the same at ₦1,700 since December 2017. 5kg sold for  ₦2,400 in our base period.

Key Takeaways

  • There was a general decrease in the prices of all vegetable oil on our survey list.
  • However, the increment is seasonal and therefore, may not be sustainable.
  • Round Shaped Tomatoes increased again by  ₦500 jumping from ₦7,000 to ₦7,500 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.

See table below

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