- Relative differences in the prices of major goods across the four (4) markets.
- The markets surveyed include: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12.
- A few food items recorded the same prices in all markets.
- Mushin recorded the highest prices of foodstuff.
- 50kg Bag of rice had an average price of N11,081.25
The Nairametrics’ Food Price Watch is a bi-weekly household market survey with emphasis laid on four (4) major markets in Lagos State: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12.
Prices of food items are gathered by our research team from the listed markets which are collated according to their brands and units. This survey is aimed at notifying consumers on the prices of various household items in different markets within their reach.
SURVEY
Relative differences in price: Most food items recorded slight differences in their prices. For example; 50kg bag of rice (Royal stallion) which has an average price of N13,825, recorded N14,000 in Mushin Market, N13,500 in Daleko Market, N14,000 in Oyingbo Market, and N13,800 in Mile 12 Market.
Also, 120g carton of noodles (Indomie) with an average price of N3,037.5, went for N3,100 at Mushin Market, Daleko Market for N3,000, Oyingbo Market for N3,000 and Mile 12 for N3,050.
Same prices: Just a few food items like Carton of noodles (minimie), 500g packet of pasta (Dangote), 5 litres local gallon of palm oil, 5 litres gallon of vegetable oil, 500g/900g Dano powdered milk, 52g Top tea and Gas refilling both 12.5kg and 5kg recorded the same prices in all four markets surveyed.
Markets with the highest prices of foodstuff: Data collated showed that Mushin Market recorded the highest prices for foodstuff. Could it then be said that food items are best purchased at the other markets?
Arguably not! A consumer living at Mushin cannot commute to Oyingbo or Mile 12 just because the prices at which goods are sold there is expensive. This is because transportation costs would come into the mix, at the end of which it would make no economic sense to do so.
However, from the viewpoint of a wholesaler (Bulk trader), it might make a whole lot of sense. The transportation cost would eventually be recovered.
Special Market: Some food items were not found in all the markets surveyed. As a matter of fact, only Mile 12 had all the goods surveyed. Items such as different baskets of potatoes and different baskets of tomatoes were only found in Mile 12.
12 market is known mainly for this. On a normal day, Lagos residents (no matter their location) would usually go to Mile 12 as early as possible to get goods in bulk and at cheap rates.
See table below:
[table id=175 /]
Good job.Well done great team