Nairametrics’ research on Household Food Items, conducted from major markets in Lagos State, reveals a general decrease in prices for the week ended September 15, 2018.
Our composite household basket was ₦326,660 compared to ₦327,560 for the period ended September 1, 2018. This is the lowest basket price we have recorded since the week ended August 11, 2018. Data from the survey reveals a general price decrease of about 0.27% 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 75 items on our price list.
- Round-shaped tomato price reduced by ₦500 to ₦7,000.
- A 5kg bag of Ofada rice dropped to ₦2,200 from ₦2,500.
- Prices of different litres of local palm oil remained the same, after the general increase a fortnight ago.
- The price of 12.5kg gas refill fell again to ₦4,000 from ₦4,300, having reduced by ₦200 in the last period. The price of 5kg gas refill also dropped again from ₦2,100 to ₦1,900, having reduced by ₦200 in the last period.
- A crate of eggs remained ₦1,050, after rising for the first time in 14 weeks during the penultimate period.
- A 50kg bag of Dangote Flour, Honeywell Flour, and Mama Gold Flour rose to ₦11,300 from ₦11,000.
- A 50kg bag of Dangote Sugar reduced to ₦15,500 from ₦16,000.
Key Takeaways
- There is an increment in 3 items on our price list.
- We also recorded a price reduction in 5 items on our price list.
- Price of round-shaped tomatoes returned to ₦7,000, after rising to ₦7,500 in the first week of June 2018.
- Price of 5kg bags of Ofada rice returned to ₦2,200 after rising to ₦7,500, in the first week of May 2018.
- Prices of both 12.5kg and 5kg gas refill that dropped by ₦200 during the last period also reduced again. 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, for a six week 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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