Research Analysis
Prices of beans, onions, vegetable oil, others spike across major markets, as traders lament heightened insecurity
Prices of major food items recorded significant increases across markets as traders lament heightened level of insecurity.
Nigerians have been hard hit with further increase in the prices of food items as beans, onions, vegetable oil, palm oil, and several others recorded a significant price increase in November. This is according to the latest Household Market Survey conducted by Nairalytics — the research arm of Nairametrics.
In the latest household market survey, prices of major food items recorded significant increase across markets in Lagos State, as traders lament heightened level of insecurity such as banditry and kidnapping in the country, leading to scarcity and the subsequent hike in the prices of various food items.
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According to the report, a big bag of white beans now sells for an average of N42,000, indicating a 31.3% in price compared to N32,000 recorded in October. A big bag of Onion also spiked by 48.7% to sell for an average of N82,500. Vegetable oil (25 litres) that was sold for an average of N14,625 in October, witnessed a 13.33% increase in price to sell for an average of N16,575.
However, some food items such as sweet potatoes, tomatoes, and pepper recorded slight reduction after recent months in snowballed prices. Nairalytics reported in September that a big basket of pepper jumped by 23.1%, while a big basket of round shaped tomatoes increased by 9.1%.
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This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and insights.
Items that witnessed price increase
- A 50kg bag of white beans currently sells for an average of N42,000, 31.25% increase compared to an initial average of N32,000.
- A 50kg bag of brown beans increased by 27.27% to sell for an average of N42,000, as against N33,000 recorded in October.
- A carton of turkey that was sold for an average of N18,333 in October, now sells for N19,000 — indicating an increase of 3.64%.
- A big bag of dry onion spiked by 48.65% to sell for an average of N82,500, compared to an initial average of N55,000 recorded in October 2020.
- Also, a big bag of new onion increased by 62.2%, from an average of N41,000 to sell for N66,500.
- A big bag of melon that was initially sold for an average of N46,500 now sells for an average of N47,500. This represents a price increase of 12.15% in one month.
- A 25 litres gallon of vegetable oil that was sold for an average of N14,625 in October, witnessed a 13.33% increase in price to sell for an average of N16,575. While a 5 litres gallon now sells for an average of N3,375 compared to an initial value of N3,100.
- A 12.5kg cylinder of cooking gas that was refilled for an average of N3,275 in October, now costs an average of N3,450 –indicating a 5.34% increase in price.
- While a 5kg cylinder is now filled for an average of N1,625 as against an initial average of N1,375. This represents a price increase of 18.18%.
- A 25 litres gallon of locally made palm oil increased by 6.19% to sell for an average of N12,875 compared to N12,125 recorded in October.
- Also, the price of a 5-litre gallon increased by 11.58% to sell for an average of N2,650.
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Items that witnessed price decrease
- A big basket of round shaped tomatoes now sells for an average of N12,000, as against an initial average of N14,000 — representing a 14.29% decline
- A big basket of oval-shaped tomatoes also recorded a price decrease of 35.29% to sell for an average of N11,000, as against an initial average of N17,000.
- The price of a carton of full chicken declined by 2.3% to sell for an average of N14,167 compared to an initial average of N14,500.
- Also, a carton of chicken lap now sells for an average of N14,000 as against N14,333 recorded last month (October 2020).
- A big bag of pepper now sells for an average of N7,500. This represents a 55.88% decline in price compared to N17,000 recorded last month.
- While the price of a medium-sized bag of pepper dipped by 55.56% to sell for an average of N4,000 relative to an initial average of N9,000.
- A big tuber of yam that was initially sold for an average of N938 now sells for an average of N700, while a medium-sized tuber sells for an average of N513.
- A big basket of Sweet Potatoes now sells for an average of N5,500. A reduction of 59.26% compared to N13,500 recorded in October.
- Also, the price of a big basket of Irish potatoes, reduced by 6.98% to sell for an average of N20,000 from an initial average of N21,500.
- A 50kg bag of flour also recorded a slight decrease in price as Dangote flour currently sells for an average of N13,800, Honeywell (N13,950), and Mama Gold for an average of N13,850.
- The decline in the price of flour translated to a slight decrease in the price of bread as Val-U bread now sells for an average of N450, while Butterfield sells for an average of N438.
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Items that maintained initial prices
- A crate of egg continues to sell for an average of N1,200, same as recorded in October.
- A big bag of yellow maize is still sold for an average of N20,167, while a bag of white maize cost an average of N20,000.
- A 50kg bag of foreign rice (Royal Stallion) continues to sell for an average of N30,000, same as recorded in October.
- Mama’s Pride rice (50 kg) still sells for an average of N25,500.
- A bag of yellow maize sells for an average of N20,167, the same as recorded in October, while white maize of the same size still sells for an average of N20,000.
- Amongst the list of food items that maintained their initial prices include; noodles, smaller variants of Sweet and Irish potatoes, Beverages, Cocoa drinks, sugar, water, and juice.
READ: Tomatoes, pepper prices crash across major markets, as local rice continues to ease-off
Special markets/items
- The price of a big bag of pepper dropped by 55.9% in November compared to the previous month. This came after an elongated period of persistent increase in the price of the commodity for some months. Consumers were seen in good mood as they went about negotiating with the various traders.
- In a discussion with one of the major traders who chose to remain anonymous, he told Nairametrics research that the decline in the price of Pepper is due to seasonality and also expects the price to decline further in coming weeks.
- The sudden surge in the price of beans has been attributed to the scarcity of the commodity in the market. Nairalytics took an inventory of various types of beans in the market and their prices. Olo 1 beans (N19,500), Maiduguri beans (N40,000), White beans (N45,000), a 22-paint bag of Maiduguri beans (N32,000), Gombe beans (N40,000), and Oloyin beans (N20,000).
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Market insights
- The price of tomatoes seems to still be on the high side, despite recording 14.3% decrease between November and October. According to Mrs. Makanjuola, a retailer at Mushin market, “usually by this time of the year, tomatoes is sold for lesser price as we head into December, only few days to Christmas before we do witness slight increase but this year is very different with a basket of round shaped tomatoes still selling for as high as N12,000”, She said.
- A look at the Nairametrics food price database showed that a big basket of round shaped tomatoes was sold for an average of N9,000 in November last year while a big basket of oval-shaped tomatoes sold for N7,000.
- Explaining further, Mrs. Makanjuola said the major factor responsible for the sustained increase in the price of food items is insecurity. According to her, farmers are unable to access their farmlands due to the fear of bandits and kidnappers terrorizing the north at the moment.
- Onion traders have expressed concerns about the persistent increase in the price of Onions in the past month. Malam Yisa, a trader at the market spoke to Nairametrics Research team with respect to the increase in price of Onions in the market.
- He said, “farmers are afraid to go to their farmlands because of the kidnappers and bandits terrorizing the area”. According to him, farmers and their family members are being kidnapped by bandits, while demanding for ransom from them before letting them go, hence, the farmers are forced to stay close to their homes and avoid secluded areas of the farm.
About Nairametrics Food Price Survey
Nairametrics Food Price Watch is a bi-weekly Household Market Survey that covers the prices of major food items in Nigeria, with emphasis on five major markets in Lagos – Mushin market, Daleko market, Oyingbo market, Idi-Oro market, and Mile 12 market.
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Prices of local rice, onions, tomatoes, others crash as foreign rice continues to ease off
This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and insights.
