The prices of household items across major markets in Nigeria’s commercial hub, Lagos state, have continued in the upward trajectory. Staples such as beans, potatoes, palm oil, and melon recorded significant jump, according to the latest Household Market Survey carried out by Nairametrics Research.
According to the latest report, the price of a big bag of beans (Oloyin) increased significantly by 19.9% N24,875, up from an average of N20,750 two weeks ago. Also, a big basket of sweet potatoes initially which sold for an average of N14,500, jumped an average of N18,000 indicating a 24.1% increase in price within two weeks.
Despite the significant jump in prices, a few household items recorded a slight decline in prices. A bag of white garri dropped to an average of N12,325 compared to N13,325 recorded last month, while a bag of yellow garri now sells for an average of N11,625.
Details of items that recorded an increase in price, items that recorded price decline, items that maintained the same prices and key insights were included in the report.
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Items that witnessed price increase
- A big basket of sweet potatoes that was initially sold for an average of N14,500 is now being sold for N18,000, indicating a 24.1% increase in price.
- A big bag of melon that was initially sold for an average of N42,000 late in July is now being sold for an average of N46,500.
- A 5 litres gallon of palm oil increased by 18.8% to sell for an average of N2,525 while a 25 litres gallon now sell for an average of N13,000 compared to N11,000 recorded last month.
- 5 litres gallon of vegetable oil sells for an average of N2,350 as against an initial average of N2,275, representing a 3.3% increase in price.
- A bunch of plantain now sells for an average of N513 compared to N463 recorded in the last report.
- The price of a big bag of Bush mango seed (Ogbono) spiked by 26.7% from N75,000 recorded two weeks ago to sell for an average of N95,000.
- A big bag of melon now sells for an average of N46,500 compared to N42,000 recorded late last month.
- A 50kg bag of foreign rice (Caprice) now sells for an average of N29,333 compared to N25,500 indicating 2.9% increase in price.
- A 50kg bag of local rice also spiked by 5.1% to sell for an average of N23,125 compared to N22,000 recorded last month.
- A 50kg bag of white beans that was initially sold for an average of N30,500 now sells for an average of N32,000. This represents 4.9% increase in price.
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Items that witness decrease in price
Some of the items that recorded a slight decrease in price compared to two weeks ago include:
- The price of a big basket of round shaped tomatoes declined by 3.3% to sell for an average of N14,500 compared to N15,000 initially recorded.
- A medium-sized basket of round shaped tomatoes also sells for an average of N8,500 from an initial average of N10,000 indicating a 15% reduction in price.
- A bag of white garri now sells for an average of N12,325, recording 7.5% decrease in price from an average of N13,325 while yellow garri sells for an average of N11,625.
- A big nylon of crayfish that was initially sold for an average of N17,000 now sells for N13,000. It witnessed 25.5% reduction in price.
Items that maintained initial prices
- A 10kg bag of Rice master still sells for an average of N4,000.
- A carton of 210g sized of Indomie continues to sell for an average of N3,200 across Lagos markets.
- The price of Ijebu garri remains unchanged as it still sells for an average of N13,375.
- The prices of the frozen foods maintain their initial prices as a carton of full chicken and Chicken lap sells for an average of N12,500 while a carton turkey sells for N14,200.
- A big bag of yellow maize still sells for an average of N19,667 while a big bag of white maize cost an average of N19,000.
- Also, a big basket of an oval-shaped basket of tomatoes sells for an average of N12,000 while a small basket sells for an average of N7,500.
- A big bag of pepper sells for an average of N7,500 while a medium-sized bag maintains an average of N4,500.
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Special markets
- New onion is still not available at Mile 12 market as price of dry onions continues to surge. A recent survey showed that a big bag of dry onions increased from an average of N17,000 to N25,000 in July, which has now moved further to sell for an average of N30,000.
- Speaking to a major Onion seller at Mile 12, it was disclosed the price of Onions is likely to remain on the high side until the availability of new onions in the market. The trader further stated that new onions will be harvested during the rainy season, which will help drive the prices downward.
- According to some traders in the market, the prices of food items is expected to reduce in the coming weeks. Mrs. Adeoye a trader at Mushin market who spoke to Nairametrics research said “The prices of food items will soon reduce as we move closer to the end of rainy season”.
- Traders further complained about the effect of the alternate market days as a result of Covid-19 lockdown and how it continues to drive down sales
- The prices of frozen food items remained unchanged compared to prices recorded two weeks ago, as given below:
Chicken lap – N12,500
Full Chicken – N12,500
Turkey – N14,200
Market insights
Sellers at various markets who spoke to Nairametrics research team revealed that sales have dipped in the past month due to rise in prices of goods, traffic situation and alternate opening of the market. According to Mrs. Adeoye at Daleko market, “sales have dropped significantly in the past month as the price of food items keeps increasing worsened by markets only opening on specific days of the week. I think the increase in price of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day.”
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Meanwhile, in an interview session with a major trader at Mushin market who requested to remain anonymous, revealed to Nairametrics research the hike in price of some commodities in the market was anticipated due to scarcity as a result of rainy season. “For instance, price of palm oil and some other items like yam, potatoes usually increase during the rainy season, so we are not surprised. After the rainy season, the prices will most like drop compared to their current value in the market.”
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About Nairametrics Food Price Survey
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.