Food items’ stock pile-up across major markets, as prices continue to drop 

The rise in the inventory of major food items across major markets continues to pull prices, as the latest Household survey carried out by Nairametrics Research Team showed that prices of major food items in Lagos dropped significantly.

According to the latest Household survey, prices of major food items such as palm oil, onions, pepper, groundnut oil and potatoes recorded significant decrease in price. Specifically, the latest survey showed that the price of a big bag of onions crashed to an average of N20,000 compared to N28,000 recorded earlier in January, while a 25-litre gallon of locally made palm oil currently sells for an average of N10,125 from an initial N11,125.

On the other hand, the prices of local and foreign-made rice remain the same as rice traders anticipate the move of the government following the recent border closure. This survey also reports household items that witnessed decreases in prices, items with increased prices, items that maintained initial prices and important market insights.

Items that witnessed decrease in prices 

• A big basket of Irish potatoes now sells for an average of N18,000 from an initial N22,000, indicating 18.2% decrease in two weeks.
• The price of a big basket of sweet potatoes is now N4,300, indicating a 4.4% reduction compared to an initial average of N4,500.
• A 25-litre gallon of locally made palm oil now sells for an average of N10,125 representing an 8.99% reduction in price compared to N11,125 recorded earlier in January.
• The price of a 25-litre gallon of locally made groundnut oil also recorded reduction as it now sells for an average of N12,875 compared to N13,125 two weeks ago.
• A big bag of pepper, for the fourth time in a row, recorded a decrease in price as it now sells for an average of N6,500, indicating an 18.8% decrease from an initial N8,000.
• The price of a big bag of dry onions also recorded a significant decrease as it dipped by 28.5% to sell at an average of N20,000, from an initial average of N28,000. Also, a bag of new onion sells for an average of N18,000 compared to N26,000 recorded earlier in January.

[READ MORE: Tomatoes, pepper prices crash across major)

Items that maintained initial prices 

• A 50kg bag of locally-made rice (Mama Gold & Mama’s Pride) still retains its initial price at an average of N20,750.5.
• A 50kg bag of Royal Stallion rice continues to sell at an average of N27,000 while Caprice sells at N26,167.
• The varieties of garri maintain their prices as Ijebu garri sells at N6,700, White Garri at N6,127 while yellow garri costs N6,500.
• A big bag of yellow maize continues to sell at an average of N14,000, while white maize sells at an average of N15,500.

Items that Increased in prices 

In the latest Household survey, a few items recorded slight rises in their prices.

• A big basket of round shaped tomatoes sells for an average of N6,000 compared to N5,000 obtained two weeks ago.
• A big bag of melon seeds increased slightly to an average of N48,000, a 2.13% increase compared to N47,000 recorded earlier in January.

Special Market/Insights 

The huge influx of tomatoes, onions and pepper continue to crash prices of the items in major markets in January.

• A bag of new onions, which was sold at an average of N25,000 in December has reduced significantly to N18,000.
• Also, a big bag of pepper which was sold at N13,000 has now been halved to an average of N6,500, while tomatoes currently sell within the range of N5,500 and N6,000 compared to N9,000 recorded in December.
• A major pepper trader that spoke to the Research Team revealed that there is a huge stock of pepper and other items as more loaded trucks arrived at the market, and this is largely crashing prices.
• Meanwhile, the continued drop in price was met with joy. For example, a buyer, Mrs Olaitan, who spoke to Nairametrics at Mile 12 market said, “We are happy that the prices of goods are beginning to reduce because December period was very harsh on Nigerians since most of the items recorded significant hikes, but now we are cheerful and optimistic. That is why the market is filled with a lot of people.”

About Nairametrics Food Price Survey 

The Nairametrics Food Price Watch is a bi-weekly household market survey that covers the prices of major food items, with emphasis on five major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market, Idi-Oro Market and Mile 12.