As Nigerians prepare for the Christmas and New Year celebrations, it may be a challenging period for households as prices of major food items has increased across major markets in Lagos State, Nigeria.
According to the latest Household Market Survey conducted by Nairalytics – the research arm of Nairametrics, prices of tomatoes, pepper, onions, dairy products, and beverages recorded yet another significant spike.
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- A big basket of round-shaped tomatoes spiked by 8.3% to sell for an average of N13,000, while a medium-sized basket now sells for an average of N8,000 – indicating 14.3% increase in two weeks.
- Also, a big bag of dry onions recorded an 18.2% increase in price to sell for an average of N97,500.
In the latest survey, Nairalytics also found that the prices of dairy products and cocoa beverages such as Peak, Dano, Three Crown, and Loya milk, Milo, Ovaltine, and Bournvita all recorded significant increase in price across major markets in Lagos State.
This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and market insights.
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Items that witnessed price increase
- A big basket of Round shaped tomatoes initially sold for an average of N12,000 now sells for N13,000 – indicating 8.33% increase compared to the price recorded two weeks ago.
- A small basket of Round shaped tomatoes recorded 25% increase in price to sell for an average of N5,000 compared to N4,000 earlier recorded.
- A 10kg bag of Mama Gold rice currently sells for an average of N4,800 as against N4,667 recorded earlier in the month of November.
- A 50kg bag of Brown beans sold for an average of N42,000 two weeks ago, has increased by 2.98% to sell for an average of N43,250.
- Also, a 50 kg bag of White beans now sells for an average of N42,750. This represents a 1.79% increase compared to N42,000 recorded two weeks ago.
- A carton of 305g Indomie noodles now sells for an average of N3,263 as against an initial average of N3,150. This represents an increase of 3.57% in two weeks.
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- A bag of Ijebu garri that was initially sold for an average of N14,125 now sells for an average of N14,375 – representing an increase of 1.77%.
- The price of a 5 litres gallon of locally made Vegetable oil rose by 1.48% to sell for an average of N3,425, while 25 litres gallon increased by 0.3% to sell for an average of N16,625.
- A big bunch of Plantain now sells for an average of N550 as against an initial average of N525.
- A 500g pack of Louis sugar initially sold for an average of N538, increased by 9.3% to sell for an average of N588.
- Also, the price of a 500g pack of Golden Penny sugar increased by 10.7% to sell for an average of N388, as against an initial average of N350.
- The price of a 400g tin of Peak powdered milk increased by 3.13% to sell for an average of N1,238, while a 900g tin of the same brand increased by 16.4% to sell for an average of N2,750 compared to an initial average of N2,363.
- A 500g tin of Milo cocoa beverage that was initially sold for an average of N1,038 now sells for an average of N1,475 – representing an increase of 42.2%, while the price of 1kg size of the same brand increased by 15.9% to sell for an average of N2,463.
- The price of a big bag of Pepper rose by 126.7% to sell for an average of N17,000 compared to an average of N7,500 recorded two weeks ago.
- A big bag of Dry onions that was sold for an average of N82,500 two weeks ago, witnessed a further increase of 18.2% to sell for an average of N97,500.
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Items that witnessed price decrease
- A 50kg bag of White beans that was sold for an average of N13,250 now sells for an average of N10,750 across – a decrease in price of 18.9%.
- Also, the price of a 50kg bag of Yellow garri reduced by 16.04% to sell for an average of N11,125 compared to an initial average of N13,250.
- A big basket of Oval shaped tomatoes now sells for an average of N9,000. 18.2% reduction compared to N11,000 recorded earlier in the month, while a small basket reduced by 15.4% to sell for an average of N5,500.
- The price of a big bag of Melon reduced by 7.89% to sell for an average of N43,750 compared to an initial average of N47,500.
- A 50kg bag of foreign rice (Caprice) now sells for an average of N29,167. 1.69% reduction compared to an average of N29,667 recorded two weeks ago.
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Items that maintained initial prices
- A 50kg bag of Royal Stallion and Mama Gold rice continues to sell for an average of N30,333 and N29,750 respectively.
- A 50kg bag of Mama’s Pride rice still sells for an average of N25,500, while a 50kg bag of brown beans (Oloyin) still sells for an average of N20,500.
- A big basket of Sweet potatoes sells for an average of N5,500, a small basket sells for an average of N700, while the smallest basket is sold for an average of N325.
- Also, a big basket of Irish potatoes sells for an average of N20,000, same as recorded two weeks ago.
- A 50kg bag of Honey well and Mama Gold flour still sells for N13,950 and N13,850 respectively, after witnessing significant spike in price last month.
- 5kg cylinder of Cooking gas is currently filled for an average of N3,450, the same as recorded two weeks ago, while a 5kg cylinder is filled for an average of N1,625.
- A big bag of bush mango seed (Ogbono) continues to sell for an average of N120,000.
- A carton of Full chicken is sold for an average of N14,167, Turkey (N19,000), while Chicken lap is sold for average of N14,000.
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Special markets/items
Despite the persistent increase in the price of household food items, traders across Lagos markets have increased their inventory of items, as they anticipate high demand in the month of December due to the yuletide season.
According to Mrs. Aina, a major rice dealer at Daleko market, she said that December comes with an expectation of increased sales, especially the consumption of grains being a major food item during the yuletide.
“We are anticipating high patronage of rice in December, as the people prepare for the Christmas and New Year celebrations, as well as those who want to gift people with food items in the period,” Aina said.
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She, however, reiterated that the persistent increase in the prices of food items could discourage buyers from buying more.
A visit to Daleko market revealed that despite the increase in the stocks, sales are still dwindling as a result of the persistent increase in the price of most of the food items. Mrs. Olayemi told Nairalytics research that sales are not as good as before, due to several complaints by the consumers on the continuous increase in the price of food items.
Market insights
- The price of food items continues to spike significantly across major markets in Lagos State as most traders attributed the increase in the price of food items to increased insecurity across the country, especially in the North where most of these food items are being transported from.
- A major tomatoes’ seller at Mile 12 market, Malam Issa, disclosed to Nairalytics research that due to the fear of banditry, kidnappers and Boko Haram, most farmers decided to stay at home, which has, in turn, reduced the quantity of goods available for sales, and as the demand for the items continues to grow, traders are forced to increase the prices.
- Speaking to another major tomatoes’ trader at Mile 12 market, who prefers to remain anonymous, the increase in the price of round shaped tomatoes is because of the low supply of item to the market. He explained that the round-shaped tomatoes are of different kinds, some of which are from the north while some are imported from neighbouring countries like Ghana. The oval-shaped tomatoes on the other hand are mostly grown in the western part of Nigeria, he explained.
- Nairalytics investigated what informed the sudden rise in the price of beverages. In an interview with one of the beverage traders, she attributed the increase in price of most items to increase in transportation cost and sustained increase in the price of other agricultural produce in the country. According to her, the increase in the cost of conveying these items to their various locations has significantly affected the price they sell to the final consumers.
Explore Data on the Nairametrics Research Website
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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 in Nigeria, with emphasis on five major markets in Lagos – Mushin market, Daleko market, Oyingbo market, Idi-Oro market, and Mile 12 market.
