Bountiful harvest continues to trigger food price drops across Lagos.

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Nairametrics’ research on Household Food Items, conducted from major markets in Lagos State, reveals a decrease in prices for the week ended July 28, 2018.

Our composite household basket was ₦324,180 compared to ₦328,480 for the period ended July 14, 2018. This is the lowest basket price we have recorded in fourteen weeks (since the week ended April 14, 2018). Data from the survey reveals a general price decrease of about 1.3% 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 77 items on our price list.
  • A 50kg bag of beans (Oloyin) decreased to ₦21,000 from ₦22,000.
  • A 50kg bag of beans (white) fell from ₦21,000 to ₦19,800.
  • A 50kg bag of beans (brown) dropped to ₦19,800 from ₦21,000.
  • A large-sized yam tuber decreased from ₦1,500 to ₦1,000, having increased by ₦600 two weeks ago.
  • 1 medium-sized tuber of yam returned to ₦600, having increased to ₦900 a fortnight ago.
  • The price of 12.5kg gas refill reduced by ₦100 for the second consecutive period; dropping from ₦3,900 to ₦3,800.
  • 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 no single price increment in the 83 items on our price list.
  • There is a general price reduction in the 3 species of beans on our price list.
  • A large-sized yam tuber almost returned to its old price of ₦900, after rising to ₦1,500 two weeks ago.
  • The price of gas refill (12.5kg) fell by ₦100 for the second consecutive period. It has been constant, 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.
  • 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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