As the Ramadan season gradually comes to an end, some households in Lagos and elsewhere may find it difficult to celebrate because the prices of some food items keep increasing. Tomatoes prices, for instance, have spiked by as much as 25% across major markets in Lagos State.
A food survey conducted by Nairametics Research revealed that a big basket of tomatoes at the popular Mile 12 Market now sells for N10,000. This indicates a significant increase from the former average price of N8,000.
Meanwhile, the survey showed the price variation of food commodities across the four major markets. Our report further shows that the prices of some commodities are relatively the same, while the prices of other commodities vary across the markets.
Relatively the same price: Noodles such as Indomie, Chikki, Minimie, and Golden Penny are relatively sold for the same price across the four markets, although Mushin Market sells a carton of Indomie 70g highest at a higher price of N1,900 compared to N1,800 sold in Daleko, Oyingbo, and Mile 12 markets.
A gallon of local vegetable oil (25 litres & 5 litres) sells for the same price of N10,000 and N2,000 respectively across the four markets except for Mile 12 market which sells 5 litres of vegetable oil for N1,900; a cheaper rate compared to the other markets. Other commodities that recorded the same price include Power Oil (3 litres) and Mamador oil (3.8 litres).
The relative differences in prices: Obvious variations were recorded in the prices of rice, beans, and garri across the four markets.
Royal stallion rice (50kg) sells at N14,800 in Daleko market, N15,000 in Mushin, and N15,500 in Oyingbo and Mile 12 markets. Rice Master (10kg) sells at N3,000 in Daleko, Oyingbo, and Mile 12 market. It is, however, sold at a higher price in Mushin market (N3,500).
Beans (Oloyin) is sold the lowest in Daleko market for (N14,500), N15,000 in Oyingbo N15,000, and N16,000 in Mile 12 Market. Brown beans is also sold the lowest in Daleko Market at 25,000, while Mile 12 Market sells it at the highest price of N30,000.
From the foregoing, it can be seen that Daleko Market sells the cheapest in grains such as rice, beans, and garri. This could be attributed to the fact that Daleko Market specifically specialises in the sale of these commodities, whereby traders come from other markets to buy in bulk from Daleko.
Special Markets: Tomato sellers at Mile 12 market enlightened our research team that the prices of tomato product vary with time such that the big basket can sell at N15,000 early in the morning, and later sell at N10,000 by noon. Similarly, small baskets sell at N5,000 in the morning and N3,500 by noon.
Therefore, buyers may want to stick to the early morning purchase, in order to have a good bargain for tomatoes as the festive period draws close.
Local Rice inventory piles up – As reported from the markets, rice sellers complained of the lack of interest of the consumers in purchasing the Nigerian produced rice (Mama’s pride), which is sold for N14,200. According to sellers of rice at Daleko, Nigerians lack of interest in local rice is largely due to the tiny nature of the grain. One of the major rice distributors stated in the market stated:
“they keep asking for imported rice, and wouldn’t mind paying a higher price for it. They also do not mind the fact borders are shut for foreign produced rice to come in”
Note that Rice includes one of the 42 items banned by the government not to be accessible with foreign exchange. Hence, sellers complained that consumers keep asking for imported rice at a higher price which is already banned from coming into the country. This “development” begs the question of the effect this has on the economy of the country.
About Nairametrics Food Price Survey: The Nairametrics’ Food Price Watch is a bi-weekly household market survey the covers prices of major food items, with emphasis laid on four (4) major markets in Lagos State: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12.
See table below
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