Nairametrics Research on Household Food Items, conducted from major markets in Lagos State, reveals a general decrease in prices for the week ended June 30, 2018.
Our composite household basket was ₦328,380, compared to ₦329,330 for the period ended June 16, 2018. This is the lowest basket price we have recorded in ten weeks. Data from the survey reveals a general price decrease of about 0.29% 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 77 items on our price list.
- We only recorded a price increment for 2 items on our list.
- A bunch of big plantains increased from ₦1,300 to ₦1,450, compared to ₦800 in our base period.
- A 25kg bag of Falcon rice dropped in price from ₦8,500 to ₦8,000 in the period under review.
- A 5kg bag of Basmati rice decreased in price to ₦4,000 from ₦4,100.
- A 50kg bag of Dangote Sugar fell from ₦16,500 to ₦16,000.
- 1 medium-sized tuber of yam dropped from ₦700 to ₦600.
- The price of 1 big basket of sweet potatoes reduced from ₦600 to ₦500.
- 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 price reduction in 2 different brands of bags of rice.
- One bunch of big plantains rose by ₦150 from ₦1,300 to ₦1,450, having increased by ₦600 six weeks ago.
- The price of a big basket of sweet potatoes 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 these drops to the good 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 yams, potatoes, garri and rice from our base period.
- Since these are the staple food items mostly consumed by Lagosians, nay Nigerians, it is a cheering development.
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