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.
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.
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.