It appears Nigerians are in for good times this Christmas season, as prices of major food items continue to drop. The latest Nairametrics Food Price Survey found that while prices of rice, tomatoes and other items dropped slightly across major markets in Lagos State, there is also an influx of stony rice in the markets.
The household survey showed that the price of a big basket of round shaped tomatoes reduced from N9,000 recorded earlier in December, to N8,000. Also, 50kg locally made rice (Mama Gold & Mama’s Pride) now sells for an average of N21,000 from an initial N21,375. Also, 50kg of Caprice sells for an average of N25,750, indicating a 1.59% drop in price from an initial N26,165.
The report, which also found that the market is flooded with some low quality (stony rice), revealed items that witnessed an increase in prices, items that reduced in prices, items that maintained initial prices, Special Market items, and other insights.
[READ MORE: New brands of local rice flood major markets, as prices of major items drop]
Items that reduced in prices
- 50kg bags of locally made rice (Mama Gold & Mama’s Pride) now sell for an average of N21,000 from an initial N21,375.
- A 50kg bag of Caprice sells for an average of N25,750, indicating a 1.59% decline in price from an initial 26,165.
- The price of a big basket of round shaped tomatoes reduced from N9,000 recorded earlier this month to sell for N8,000. This represents a 11.1% reduction in price.
- Also, medium and small baskets of round shaped tomatoes sell for N5,000 and N3,000 from an initial N6,000 and N4,000 respectively.
- Titus fish now sells for an average of N485 per kg, a 1.52% decline from its initial N493.
Items that maintained initial prices
Below are the items that maintained initial prices over the past two weeks:
- A 50kg bag of beans (Oloyin) still sells for an average of N13,000, while white beans still cost N21,250, the same as two weeks ago.
- A bag of Ijebu Garri still sells for an average of N6,700.
- 5-liter kegs of locally made palm oil still sell for an average of N2,125 while a 25-litre keg of the same item is sold for N11,125.
- A big basket of sweet potatoes still costs N4.500, while the small basket costs N700.
- A big basket of Irish potatoes maintained its initial price at N22,000.
- The price of bread remained the same, as loaves of Val-U and Butterfield bread cost an average of N300 each.
- Kegs of locally made vegetable oil maintained their prices at N2,300 (5 litres) and N13,125 (25 litres).
Items that witnessed an increase in prices
- A tuber of big sized yam now sells for an average of N863 from N850 recorded two weeks ago. This represents a 1.47% increase in two weeks.
- A bag of white garri increased from N6,125 to sell at N6,200 (1.22% increase).
- A bag of yellow garri now sells for an average of N6,500, a 4% increase compared to N6,250 recorded earlier this month.
- Refilling of 12.5kg cylinder of gas increased from an average of N3,900 to N3,975 in two weeks.
- Golden Penny pasta now sells for an average of N4,300 per carton from an initial N4,225.
- The average price of 1kg of Horse Mackerel fish (Kote) increased from an average of N470 per kg to sell at an average of N478.
Special Items/Markets
- Traders of onions at Mile 12 market told Nairametrics Research that there were no dry onions anymore in the market. However, the cost of new onions remained N25,000 per bag as recorded two weeks ago, while white onions cost an average of N30,000.
- Only round-shaped tomatoes are currently sold at Mile 12 market. A tomato trader, Mr. Yusuf, explained to Nairametrics Research that farmers are only harvesting round-shaped tomatoes this season, which is why we have only round-shaped tomatoes in the market.
- Yellow maize still costs N14,000 at Mile 12 and Idi-Oro markets. A Nylon bag of crayfish maintained its initial price at N12,500, while bags of bush mango seeds (Ogbono) and melon seeds still cost N60,000 and N47,000 respectively.
- The Lagos owned rice (Lake rice) that was reportedly distributed across the various market was nowhere to be found in the markets visited. A dealer complained that they were not able to buy the commodity from the depot due to long queues and the adopted distribution channel.
[READ ALSO: Prices of tomatoes, frozen foods, onions, others jump, as low demand hits imported rice]
Market Insights
- Rice dealers across the markets raised concerns over the continued supply and sales of stony rice. One of the major rice traders, Mr. Segun, says, “locally made rice is of two types: the cheaper one which cost an average of N18,000 with too much stone and dirt in it, and that of N21,000 which is of better quality and condition.“
- According to him, there is a high quantity of stony local rice in the markets. He called on the government to wade in and stop the production of such items that have flooded the markets.
- The prices of some brands of locally made rice are Tomato Gold-N18,000, Silver Chariot- N21,000; Labana- N20,500, Umza-N20,550- Mama Gold- N20,500, and Mama’s Pride- N20,500.