BOOM: Rice prices rise for first time in 14 weeks

Nairametrics’ research on Household food items, conducted from major markets in Lagos State, reveals a general increase in prices for the week ended September 29, 2018.

Our composite household basket was ₦327,360 compared to ₦326,660 for the period ended September 15, 2018. This is the second highest basket price we have recorded, since the week ended July 14, 2018. Data from the survey reveals a general price increase of about 0.21% 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.
• 50kg bag of Royal Stallion and Mama Gold Rice rose to ₦16,000 from ₦15,500, for the first time in 14 weeks.
• Prices of different litres of local palm oil remained the same, after the general increase a fortnight ago.
• A crate of eggs returned to ₦1,000 after rising for the first time in 14 weeks to ₦1,050 six weeks ago.
• 50kg bag of Dangote, Mama Gold, and Honeywell Flours dropped to ₦11,200, after rising to ₦11,300 in the last period.
• A refilled bottle of Cway Water increased from ₦550 to ₦600.

Key Takeaways

• There is increment in 3 items on our price list.
• We also recorded price reduction in 4 items on our price list.
• There was increment in two different brands of 50kg bags of rice for the first time in 14 weeks.
• There was a general increment in different brands of 50kg bag of flour.
• Price of round-shaped tomatoes remained ₦7,000, after dropping from ₦7,500 in the last period.
• Price of 5kg bags of Ofada rice remained ₦2,200 after dropping from ₦2,500 a fortnight ago.
• Prices of both 12.5kg and 5kg gas refill remained the same, having dropped by ₦200 during the last period. 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 eight 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.