Local Vegetable Oil prices 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 16, 2018.

Our composite Household basket was ₦329,330 compared to ₦332,980 for the period ended June 2, 2018. This is the lowest basket price we have recorded in eight weeks. Data from the survey reveals a general price decrease of about 0.01% from the last period.

Nairametrics Household Food Index tracks prices from Daleko, Iddo, Ago Ishaga, Oju Iwoye, Idi Oro and Aguda Markets.

Price changes

  • There were no noticeable price changes for about 75 items on our price list.
  • We only recorded a price increment for 12.5kg gas refill on our list.
  • A Bunch of big plantains reduced from ₦1,450 to ₦1,300, compared to ₦800 in our base period.
  • A 50kg bag of Royal Stallion rice dropped in price from ₦16,000 to ₦15,500 in the period under review.
  • A 50kg bag of Mama Gold rice decreased in price to ₦16,500 from ₦16,000.
  • 5 litres of local vegetable oil fell from ₦2,300 to ₦2,100.
  • 20 litres of local vegetable oil dropped from ₦9,000 to ₦8,600.
  •  30 litres of local vegetable oil fell from ₦13,500 to ₦12,500
  •  Prices of 50kg bags of Oloyin Beans reduced to ₦22,000 from ₦23,000.
  • Round shaped tomato prices are still very high (₦7,000).
  • Palm oil prices remain ₦12,500 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

  • There is a general reduction in the prices of local vegetable oil, after prices of imported brands of the same oil fell 2 weeks ago.
  • One bunch of big plantains fell by ₦150 from ₦1,450 to ₦1,300, having increased by ₦600 4 weeks ago.
  • The price of 12.5kg of Gas refill changed for the first time in 20 weeks.
  • Information from various locations reveals that most food prices have remained either stable or dropped since the last quarter of 2017.
  • Most market women attributed this drop to better harvest season last year and noted that they have not had shortages of food items.
  • 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.
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