Nairametrics’ research on Household Food Items, conducted from major markets in Lagos State, reveals a general increase in prices for the week ended July 14, 2018.
Our composite household basket was ₦328,480, compared to ₦328,380 for the period ended June 30, 2018. Despite the increase in general price, this is still the second lowest basket price we have recorded in ten weeks. Data from the survey reveals a general price increase of about 0.03% 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 76 items on our price list.
- A large-sized yam tuber increased from ₦900 to ₦1,500 in just two weeks.
- 1 medium-sized tuber of yam rose from ₦600 to ₦900, having dropped from ₦700 a fortnight ago.
- A 50kg bag of Dangote Flour fell from ₦11,200 to ₦11,000.
- A 50kg bag of Honeywell Flour fell from ₦11,200 to ₦11,000.
- A 50kg bag of Mama Gold Flour fell from ₦11,200 to ₦11,000.
- The price of 12.5kg gas refill reduced from ₦4000 to ₦3,900.
- The price of 5kg gas refill reduced from ₦1,700 to ₦1,600.
- Round-shaped tomato price is still very high (₦7,000).
- Palm oil price remains ₦12,500 from the ₦14,200 recorded in our base period.
Key Takeaways
- There is a price reduction in all the 3 brands of Flour on our price list.
- A large-sized yam tuber rose by ₦600 in just 2 weeks.
- The price of gas refill (5kg) changed for the first time since December 2017. This same 5kg sold for ₦2,400 in our base period.
- 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.