Latest household food price survey shows prices of palm oil on the rise

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Nairametrics’ research on Household Food Items, conducted from major markets in Lagos State, reveals a general increase in prices for the week ended September 1, 2018.

Our composite household basket was ₦327,560, compared to ₦325,710 for the period ended August 11, 2018. This is the highest basket price we have recorded since the week ended April 14, 2018. Data from the survey reveals a general price increase of about 0.57% 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 73 items on our price list.
  • A 30 litre gallon of local palm oil rose from ₦12,500 to ₦13,400.
  • A 20 litre gallon of local palm oil increased by ₦300 to ₦8,900.
  • A 5 litre gallon of local palm oil increased to ₦2,200 from ₦2,100.
  • The price of 12.5kg gas refill fell to ₦4,300 from ₦4,500, having increased by ₦700 in the last period.
  • The price of 5kg gas refill also dropped from ₦2,300 to ₦2,100, having increased by ₦700 in the last period.
  • A crate of eggs dropped to ₦1,050 from ₦1,100, after rising for the first time in 14 weeks during the last period.
  • A 50kg bag of Dangote Flour returned to ₦11,000, after jumping to ₦11,200 in the last period.
  • A bunch of big plantains fell again by ₦200 to ₦1,000 from ₦1,200 in the last period.
  • 1 loaf of Val-U Bread increased to ₦350 from ₦300.
  • 1 loaf of Butterfield Bread rose to ₦350 from ₦300.
  • Round-shaped tomato price is still very high (₦7,000).

Key Takeaways

  • There is increment in 5 items on our price list.
  • We also recorded price reduction in 5 items on our price list.
  • There was a general increment in the price of local palm oil, with that of a 30 litre gallon increasing by ₦900, 20 litres – ₦300, and 5 litres – ₦100.
  • Prices of both 12.5kg and 5kg gas refill that rose sharply by ₦700 during the last period have reduced by ₦200. The same price of gas refill (12.5kg) recently 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 penultimate period.
  • A large-sized yam tuber maintained its long-term price of ₦900, after rising to ₦1,500 six 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.
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