Nairametrics’ research on Household Food Items, conducted from major markets in Lagos State, reveals a general increase in prices for the week ended August 11, 2018.
Our composite household basket was ₦325,710 compared to ₦324,180 for the period ended July 28, 2018. This is the second lowest basket price we have recorded in fourteen weeks (the week ended April 14, 2018). Data from the survey reveals a general price increase of about 0.47% 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 74 items on our price list.
- The price of 12.5kg gas refill jumped to 4,500 from ₦3,800, having reduced by ₦100 for two consecutive periods.
- The price of 5kg gas refill also rose to ₦2,300 from ₦1,600 in just two weeks.
- A large-sized yam tuber decreased again from ₦1000 to ₦900, having increased by ₦600 in four weeks ago.
- 1 medium-sized tuber of yam fell to ₦500 below its usual price of ₦600, having increased to ₦900 four weeks ago.
- Price of Blue Band margarine increased by ₦300 to ₦750.
- A crate of egg rose to ₦1,100 from ₦1,000, for the first time in 14 weeks.
- 50kg bag of Dangote Flour increased to ₦11,200 from ₦11,000.
- A bunch of big Plantains fell to ₦1,200 from ₦1,450.
- 250g of Simas Margarine decreased to ₦180 from ₦200.
- 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 an increment in 5 items on our price list.
- Price of both 12.5kg and 5kg Gas Refill rose sharply by ₦700 in just two weeks. The same price of Gas Refill (12.5kg) fell by ₦100 for two consecutive periods. It has been constant, since December 2017 while 5kg sold for ₦2,400 in our base period.
- Prices of beans remain constant after a general price reduction in all the 3 species of Beans on our price list, during the last period.
- A large-sized yam tuber has returned to its old price of ₦900, after rising to ₦1500 four weeks ago.
- 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.
- Since these are the staple food items mostly consumed by Lagosians, nay Nigerians, it is a cheering development.