Amidst the ongoing border closure by the Federal Government of Nigeria, the latest household survey carried out by the Nairametrics Research team has shown that while prices of food items continue to rise, traders of locally made items are exploiting the border closure to raise food prices.
According to the data obtained from the various markets in Lagos State, prices of major food items such as rice, tomatoes, locally made vegetable oil and palm oil rose significantly. For instance, a bag of 50kg Royal Stallion rice, which was initially sold for an average of N17,625, is now sold for an average of N18,875, indicating a 7.1% increase within two weeks.
However, the price of a basket of sweet potatoes recorded a significant decrease from an average of N9,500 to N5,000, indicating a 47% decline in price.
The Information gathered, includes items that witnessed hiked prices, items that recorded price reductions, special items and insights on the various markets.
[READ MORE: Prices of rice, frozen chicken, tomatoes and others jump as border closure bites hard]
Items with increased prices: Several items witnessed spikes in price, and this may be largely traceable to the border closure implemented by the Federal Government.
- A bag of 50kg Royal Stallion rice increased from an average of N17,625 to N18,875 in two weeks.
- The price of a big basket of round shaped tomatoes also increased by a whopping 27.3% from N11,000 to N14,000.
- A big basket of oval-shaped tomatoes recorded an 80% increase in price, as it now sells for an average of N9,000 from an initial average of N5,000.
- A 25-litre gallon of locally made palm oil, which sold for an average of N10,625, rose slightly to N10,700.
Items with reduced prices: Despite the increase in price of some household commodities, other items also recorded a significant decrease in price within the past two weeks.
- A big tuber of yam decreased by 20.3% and now sells for an average of N688 from an initial average of N863. A small tuber also decreased by 17.3% within the last two weeks.
- The price of a bag of Ijebu Garri now sells for an average of N6,950 from an initial average of N7,050.
- A big basket of sweet potatoes, which was sold for an average of N9,500, now sells for an average of N5,000.
- A big basket of Irish potatoes also decreased by a significant 28.6%, from N28,000 to an average of N20,000.
- A litre gallon of locally made palm oil, which sold for an average of N10,625, rose slightly to N10,700.
Special Items/markets: The pressure of the Nigerian border closure is hitting hard on the residents of Lagos State, as many items that were imported from Seme Border have recorded a significant hike in price.
- A carton of full chicken now sells for an average of N15,000 from initial N13,000 a fortnight ago.
- Other frozen food items that recorded a significant increase in price include chicken lap and turkey.
- Mile 12 market remains the best market to purchase onions, as it sells the cheapest. A big bag of dry onions sells for an average of N16,000, while a bag of new onions sells at N11,000.
Market Insights: The Nairametrics Research Team interviewed traders of commodities in the various markets to have their reactions towards the change in prices of major household commodities.
- Several traders interviewed by the team pleaded that the government should revisit the closure of the border. As revealed two weeks earlier, some of the traders expressed concerns that sellers of locally made items are leveraging on the ban to increase prices of home-grown goods.
- Meanwhile, some yam traders expressed excitement over the reduction in prices of yams and potatoes, stressing that buyers have since been buying more of the items.
[READ FURTHER: Prices of imported rice and other items fall as Irish potatoes fluctuate]
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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