Market Survey: Price of tomatoes, palm oil, rice spike as traders lament low patronage

Prices of major household items such as tomatoes, palm oil, rice and several others have recorded significant increase across major markets, this is according to the latest household market survey carried out by Nairametrics Research.

The latest household survey conducted by Nairametrics Research Team, revealed that major markets across Lagos state have been hit with low patronage, as traders across complained of low sales due to alternate opening of the markets.

Key Highlights

A big basket of round shaped tomatoes now sells for an average of N16,000 compared to N12,500 recorded in May, which indicates a significant 28% increase. The price of 25 litres gallon of locally made palm oil, which was sold for an average of N10,000 in May rose to an average of N10,750.

Meanwhile, the team found that the price of a big basket of Sweet potatoes reduced significantly by 46.7%, from an initial average of N15,000 to sell for an average of N8,000. Also, a big bag size of dry onions, which was sold for an average of N17,000 now sells for N16,500.

The report also detailed other items that witnessed significant increase in price, items that recorded decrease in price, items that maintained initial prices, special markets and insights.

Items that witnessed price increase

Some of the items that recorded significant increase in price includes;

• A 25 litres gallon of locally made palm oil now sells for an average of N10,750. A 7.5% increase compared to N10,000 recorded in the previous month.
• Also, a 5 litres gallon of locally produced palm oil also increased by 4.94% to sell at an average of N2,125 compared to an initial average of N2,025.
• A big basket of round shaped tomatoes recorded a significant spike as it now sells for an average of N16,000. This indicates a 28% increase when compared to an initial average of N12,500.
• Medium-sized basket of round shaped tomatoes that was initially sold for an average of N6,500, has increased by 46.2% to sell for an average of N9,500 while a small basket sells for an average of N6,000 compared to an initial average of N4,000.
• A 50kg bag of Mama’s Pride, which was sold for an average of N19,375 in May now cost an average of N21,000 across the four markets.
• A 50kg bag of Mama Gold now sells for an average of N21,125. A 3.68% increase compared to N20,375 recorded in May 2020.
• A big bag size of Yellow maize spiked by 23.2% to sell for an average of N17,250 compared to N14,000 recorded in the previous month.
• A big bag size of White maize also increased by 27.3% to sell for an average of N17,500. A significant change compared to N13,750 recorded in May 2020.
• A single pack of 500g Bonita pasta that was initially sold for an average of N208 currently sells for an average of N220.
• The smallest basket of Irish potatoes increased slightly by 4.4% to sell at an average of N1,567 compared to an initial average of N1,500.
• A bag of Ijebu garri currently sells for an average of N13,375. A 2.88% increase compared to N13,000 recorded in March.

Items that recorded decrease in price

Despite the increase recorded in the price of major household food items, a few items recorded a decline in price

• A big sized tuber of yam fell from its thousand mark to sell for an average of N950. This is 24% reduction when compared to an initial average of N1,250.
• The price of a big basket of Sweet potatoes recorded decline as it now sells for an average of N8,000 compared to an initial average of N15,000 recorded previously.
• A small basket size of Sweet potatoes also reduced in price, as it moved from an average of N1,000 recorded in May to sell for an average of N633.
• The price of a big bag of dry onion is currently sold for an average of N16,500. A 2.9% decrease compared to an initial average of N17,000.

Items that maintained initial price

Household items that maintained their initial prices include Milk, Cocoa beverages, vegetable oil, and Flour.

• A 400g Peak Powdered (Tin) milk continues to sell for an average of N1,213 while 900g still sells for an average of N2,375.
• 12.5kg of household cooking gas (Refilling) continues to sell for an average of N3,375 while 5kg cylinder is still filled for an average of N1,375.
• 500g Milo Tin and 900g still sell for an average of N1,038 and N2,075 respectively across the four markets.
• 5 Litres and 25 Litres gallon of locally made vegetable oil maintained their initial prices at N2,200 and 12,575 respectively.
• The price of Kote and Titus fish continues to sell for N563 and 575 respectively.
• Big bag of pepper currently sells for an average of N15,000 at Mile 12 market while the medium-sized bag maintains its initial price of N8,000.

Special Markets

• Market traders are feeling the brunt of restrictions imposed in the form of alternate days to open markets as they expressed their dissatisfaction due to low sales in recent weeks. Recall that, Lagos state government ordered food selling markets in the state to only open on Tuesdays, Thursdays and Saturdays of the week as a measure to curb the spread of COVID-19 pandemic.
• Due to this alternating market days, sales have reportedly declined by almost half in major markets, as expressed by major traders interviewed by Nairametrics Research.
• Oval shaped tomatoes popularly regarded as Yoruba tomatoes was sighted at Mile 12 market during the week. Recall that it had not been available in the past couple of weeks due to harvesting season. Meanwhile, a big basket is sold for an average of N8,500 while a small basket cost N6,500.
• Sellers of tomatoes at the market told Nairametric Research that the price of tomatoes is highly volatile and changes from time to time. “basket of tomatoes could be sold for an average of N20,000 in the morning, and by afternoon drop to N9,000. So is the nature of tomatoes price,” Shehu said.

Market Insights

• A big bag of dry Bush mango (Ogbono) recorded a decrease in price from an initial N75,000 recorded in May to an average of N70,000 while a bag of melon (egusi) sells for an average of N68,000.
• Although the price of Sweet potatoes reduced by 46.7% compared to N15,000 recorded in May, but it is yet to return to its average price of N5,000 being sold earlier in the year.
• According to a trader interviewed at Oyingbo market who requested to remain anonymous, she said; “over the years, palm oil price usually goes up during rainy season so we are not surprised that the price of palm oil recorded an increase”.
• Price of various locally made rice sighted at Daleko market are given below:

Mama’s Pride (N21,000), Umza (N21,000), Labana (N22,000), Alamzat (N22,000), Big bull (N23,000), Mama choice (N21,000), and Royal Naija (N20,000).

• Some other variety of beans and their respective prices; Oloyin beans (Honey beans N14,500), Oloyin pelebe (N15,000), Niger brown beans (N23,000), Maiduguri brown beans (24,000).

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 Market.