The latest household survey shows that the prices of several items dropped in the last two weeks. Major findings from the survey revealed that tomatoes recorded a significant decline in prices, as a basket now sells for an average of N6,000. Other food items that recorded a decline in prices are yam, fish, rice, garri, potatoes and so on. Meanwhile, the price of palm oil slightly inches up.
Nairametrics Research Team once again visited some of the major markets in Lagos State to obtain the prices of food items. The reports further show items that have maintained their prices over the last two weeks and those that witnessed variance in prices. The reactions of some of the sellers were also obtained and included in this report.
Items that witnessed an increase in price over the past two weeks include Rice Master (10 kg), Mama’s pride (50 kg), local palm oil (5 litres), Honeywell flour (50kg) and Milo beverage (Tin 900g).
- The price of the Made-in-Nigeria rice, Mama’s Pride (50kg) increased from an average of N14, 875 to N15,000. It should, however, be noted that the price of imported rice (Royal Stallion and Mama Gold) did not record any change in the past two weeks as they sell at an average of N14,500 and N14,875 respectively.
- Locally made palm oil (5 litres) witnessed a slight increase in price from an average of N1,900 to N2,000. The 25 litres of the same commodity, however, maintained its initial price from the previous survey at N10,750.
Food items which declined in price
Grains such as Caprice (50 kg), Mama Gold (10 kg), Brown beans (50 kg), Garri (Ijebu, white and yellow), oval–shaped tomatoes and fish (Kote) all experienced a slight decline in price.
- A big tuber of yam which was sold for an average of N1,450 two weeks ago is now sold for N1,057. This indicates a significant 34.8% reduction in price. Also, a small-sized yam which was sold for an average of N825 is now sold for N700.
- The price of Irish potato has continued to fluctuate in recent weeks. A big basket of Irish potatoes which was sold for N20,000 two weeks ago is now sold for N15,000. Sellers of the commodity attributed the cause of the fluctuation to cost of transportation.
- According to a trader, Mr Yaya – a dealer in Potatoes at Mile 12 market, enlightened the Research Team that the cost of transportation is largely responsible for the fluctuation in the price of the commodity.
- Tomatoes yet again dropped to its lowest price in four months as a big basket of round tomatoes now sells for N6,000 as compared to N10,000 sold in the first week of the month.
- A further look into the data reveals that the price of tomatoes had fluctuated an average of eight times in the past 4 months.
Compared to its previous price, a big basket of round tomatoes recorded a 40% decline. Also, a medium basket of the same shape is now sold for N3,500 compared to N6,500 sold earlier this month.
Nairametrics Research Team interviewed customers at the tomato section of Mile 12 market. A trader who chose to be anonymous expressed relief towards the reduction in the price of the commodity but expressed optimism that the price could drop to as low as N3,000. According to the trader, “at some points, a big basket of round tomatoes was sold for N3,000. Therefore, it is possible that the price of the commodity will further decline in the coming weeks.”
A bag of melon is still sold for an average of N50,000 as a bag of bushman seed (Ogbono) maintains its price at N55,000. On the flip side, a big sac of crayfish is sold at an average of N7,000.
Special markets: With the reduction in the prices of tomatoes, potatoes and yam, Mile 12 Market is the best location to buy these items. Daleko Market, however, appears to be the preferred market for rice, beans and eggs as the prices of the commodities are cheaper at the market.
Also, the research team ascertained that tubers of yam sell the cheapest at Mushin market.
About Nairametrics Food Price Survey: The Nairametrics Food Price Watch is a bi-weekly household market survey that covers prices of major food items, with emphasis on four major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market and Mile 12.
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