Nigerians may face hard times in the coming weeks as the latest Nairametrics Household survey revealed that the prices of major household commodities increased significantly as low inventory hits major markets in Lagos State.
According to the latest survey conducted by Nairametrics Research Team, a big basket of round shaped tomatoes now sells for an average of N8,000 compared to an initial N6,500 while a bag of pepper increased to N7,000 from N6,000 recorded just two weeks ago.
The report further showed that a bag of white Garri, which was sold for an average of N6,125 earlier in the month now sells for an average of N6,500. Also, other food items such as yellow garri, Potatoes, bread and Fish recorded significant jump in price.
The reports highlighted items that witnessed increased in price, items that witnessed reduction in price, items that maintained initial prices, Special markets and Market insights.
Items that witnessed price increase
- A bag of white Garri, which was sold for an average of N6,125 increased to an average of N6,500. Indicating 6.12% increase within two weeks.
- The price of a bag of Yellow Garri currently sells for an average of N7,625. A 17.31% rise compared to N6,500 recorded two weeks ago.
- Also, the price of a big basket of Sweet Potatoes witnessed significant increase as it now sells for an average of N6,000. A 39.53% increase compared to an initial average of N4,300 while a small basket sells for N1,000 compared to N700 recorded earlier in the month.
- Also, a big basket of round shaped tomatoes sold for an average of N6,500 two weeks ago jumped significantly to N8,000. This change represents 23.1% increase.
- Medium sized basket of round shaped tomatoes now sells for an average of N4,000 from an initial average of N3,000 while a small basket which was sold for N2,000 now sells for an average of N2,500.
- The price of one Kilo of fish (Kote) increased marginally from an average of N478 to N480 while Titus fish currently sell for an average of N488 from an initial N485.
- A big bag of Pepper currently sells for an average of N7,000 from an initial average of N6,000, indicating 16.7% increase in price. Also, a small bag of Pepper cost an average of N5,000 from an initial average of N4,800.
- A loaf of bread currently sells for an average of N350. 16.7% increase compared to the initial average of N300.
Items that witnessed reductions in prices
Despite the significant increase in price recorded in major household items, some items recorded relative drop in price.
- A bag of white Beans sold for an average of N19,875 earlier in the month, is now sells for an average of N18,250, indicating 8.2% decrease in two weeks.
- The price of a big bag of Brown Beans also decreased from an average of N20,375 to an average of N19,500.
- Also, a medium sized basket of Irish Potatoes currently sells for an average of N1,800 from an initial average of N2,000.
- The price of a big bag of New Onion reduced by 7.9% to sell for an average of N17,500 compared to N19,000 recorded two weeks ago.
- A bag of Flour (Dangote) reduced marginally to an average of N11,100 from an initial average of N11,275.
- A big bag of Melon now sells for an average of N44,000 from an initial N48,000 recorded earlier in the month of February.
Items that maintained initial prices
- The price of a big tuber of yam maintains its initial price at N850 while a medium sized tuber sells for an average of N625.
- A 50kg bag of Beans (Oloyin) continues to sell for an average of N12,500.
- Household cooking gas is still being refilled for the same price as recorded two weeks ago; 12.5kg (N4,000) and 5kg (1,725).
- A crate of egg sells for an average of N975, same as observed earlier in the month.
- Other items that maintained initial prices include; Noodles, locally made rice (Mama Gold & Mama’s Pride), Foreign made rice (Royal Stallion & Caprice) and Cocoa Beverages
- Nairametrics Research Team found that Mile 12 market has low stock of tomatoes, and consequently, prices of the commodity continue to rise. According to a tomato seller at the market, Malam Audu “Vehicles that brought tomatoes to the market from the North, brought below the usual volume of goods, so sellers are raising prices to make more profit”.
- Another seller who spoke to Nairametrics Research team, said that the reduced supply of the commodity is due to lack of bountiful harvest, which is caused by the change in whether. He said, “Since harmattan season is coming to an end, it becomes harder to harvest as much as before, which will eventually affect the price of tomatoes in the long run”.
- An Interview with sellers of Maize at Mile 12 market revealed that the price of Maize is unpredictable as it changes easily, since the raining season has not commenced. He went further to highlight that the diverse usefulness of the commodity to Nigerian households, most times causes the price to fluctuate as the price is determined by the demand of the item. He however stated that the price is expected to regularize by April when it begins to rain.
- The price of locally made rice continues to reduce due to influx of new brands of the commodity. Nairametrics Research, in a visit to Daleko market found out that some brands of rice currently sell for as low as N16,500. Brands such as Tomatoes Gold, Car Gold, Tomatoes Aroso and Jameela while some foreign rice such as Aroso and African care sell for an average of N22,500.
- A bag of Bush mango (Ogbono) is currently sold for an average of N100,000 compared to an initial average of N90,000 recorded earlier in the year while a bag of Cray fish sells for an average of N13,500.
- Also, a new brand of brown beans is now in the market. This was revealed by a trader at Mile 12 market, “the brand is known as Gombe beans and it sells for as low as N14,500 for a very big bag” He said. Meanwhile, the generic brown beans currently sell for an average of N19,500.
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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.