The prices of major food items, such as bags of beans, pepper, tomatoes, eggs amongst others have witnessed a significant surge in Lagos State markets, while the price of local and foreign rice record a slight decrease.
This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.
According to the report, a big bag of brown beans that was initially sold for an average of N33,500, rose by 3.7% to sell for an average of N34,750. Also, the price of a big bag of honey beans increased by 7.02% to sell for an average of N24,750.
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Similarly, the price of a crate of egg, spiked by 12.7% to sell for an average of N1,438 compared to an initial average of N1,275, while a big basket of round shaped tomatoes now sells for an average of N8,000.
Meanwhile, the price of local and foreign rice has eased off, compared to the price recorded two weeks ago as Royal Stallion rice (foreign) now sells for an average of N24,500 as against an initial average of N25,375 while Mama’s Pride rice sells for an average of N22,625.
This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and insights.
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Items that witnessed price increase
- A 50kg bag of honey beans (Oloyin) that was sold for an average of N23,125 two weeks ago has recorded a 7.02% increase in price to sell for an average of N24,750.
- Also, a 50kg bag of white beans now sells for an average of N50,000. This represents a 1.4% increase when compared to an average of N49,333 recorded two weeks ago.
- A bag of brown beans (50kg) that was initially sold for an average of N33,500 now sells for an average of N34,750 indicating an increase of 3.7%.
- A 50kg bag of white garri now sells for an average of N11,625 from an initial average of N10,750. This represents an increase of N8.14% in price. Also, a bag of yellow garri of the same size increased by 2.25% to sell for an average of N11,375.
- Crate of egg that was initially sold for an average of N1,275, now sells for an average of N1,438 indicating a 12.7% increase in price.6%
- Refiling of household cooking gas also increased as a 12.5kg cylinder is now filled for an average of N4,700 as against an initial average of N3,975. This represents an increase of 18.2%.
- Also, a 5kg cylinder that was initially filled for an average of N1,750, increased by 8.6% to an average of N1,900 in February 2021.
- A big basket of round shaped tomatoes now sells for an average of N8,000. A 33.3% increase, when compared to an average of N6,000, recorded two weeks ago.
- The price of a medium-sized basket of round shaped tomatoes also surged by 50% to sell for an average of N4,500 while a small basket sells for an average of N2,500.
- A big bag of pepper now sells for an average of N117,000 compared to an initial average of N7,250 recorded in the last survey. The price of a medium-sized bag of pepper also increased by 114%% to sell for an average of N7,500.
- A nylon of Crayfish that was initially sold for an average of N14,750 has now increased by 13.6% in Lagos markets to sell for an average of N16,750.
- The price of a 25 litres gallon of groundnut oil increased by 8.3% to sell for an average of N19,625 compared to an initial average of N18,125 while a 5 lires gallon sells for an average of N3,675.
- A carton of Indomie noodles (Belle full) increased by 7.66% to sell for an average of N3.513 while a carton of Hungry man-size Indomie noodles currently sells for an average of N3,338.
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Items that witnessed price decrease
- The price of a 50kg bag of Royal Stallion rice decreased by 3.4% to sell for an average of N24,500 compared to an initial average of N25,375.
- A 50kg bag of Caprice also declined by 2.5% in price to sell for an average of N24,500 as against an initial average of N25,125. The price of Mama’s Pride rice dipped by 4.2% to sell for an average of N22,625.
- A big sized tuber of yam that was initially sold for an average of N1,000 now sells for an average of N900 indicating a decline in price by 10%.
- Also, the price of a medium-sized tuber of yam also reduced by 4.3% to sell for an average of N563.
- The price of an 80kg bag of garri (Ijebu) decreased marginally by 1.7% to sell for an average of N14,125 as against an initial average of N14,375.
- A big basket of Irish potatoes now sells for an average of N15,500 compared to an initial average of N17,000 recorded two weeks ago. This represents an 8.8% decrease in price.
- The price of a big bag of yellow maize reduced by 7.6% to sell for an average of N22,750 while white maize of the same size sells for an average of N23,375.
- A big bag of melon now sells for an average of N43,000 representing a marginal decline from an initial average of N43,500 recorded in the previous report.
- The price of a big bag of dry onions reduced by 24.2% to sell for an average of N12,500 compared to an initial average of N16,500, while a bag of new onion currently sells for an average of N10,500.
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Items that maintained initial prices
- A big bag of bush mango seed (Ogbono) continues to sell for an average of N120,000, the same as recorded two weeks ago.
- A big basket of sweet potatoes sells for an average of N6,500, the same as recorded in the previous report.
- Also, the small basket and the smallest size basket of sweet potatoes still sell for an average of N725 and N350 respectively.
- A 50kg bag of Dangote flour sells for an average of N13,370, Honey well (N13,950), while Mama Gold sells for an average of N13,850.
- A carton of full chicken sells for an average of N14,125, Chicken lap also sells for an average of N13,875 while a carton of turkey is sold for an average of N18,500.
- Amongst the list of food items that maintained their initial prices include: noodles, beverages, cocoa drinks, sugar, water, and juice.
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Special markets/items
- The price of egg has been on the increase since December 2020 and has been attributed to the increasing price of Chicken and their feeds. In a conversation with an egg supplier at Daleko market, she explained to Nairalytics that the increase in the price of items used in the making of chicken feeds such as maize, soya beans has caused the unavoidable increase in the price of chicken, consequently affecting the cost of eggs.
- Meanwhile, a visit to Daleko market in Lagos State revealed that members of the Nigerian Customs service raided the market and seized bags of foreign rice found in the market. This was disclosed by our correspondent in the market who preferred to remain anonymous. She explained that the Custom members came into the market in the middle of the night and carted with bags of foreign rice found in the market.
- The recent action by the Nigerian Customs Service to curb illegal smuggling of foreign-made rice into the country caused a momentary increase in the price of foreign rice in Lagos markets and as such affected locally made rice, she explained.
- The price of local and foreign-made rice have however reduced last week and a bag of locally produced rice currently sells for an average of N22,625 while a bag of foreign-made sells for an average of N24,500.
Market insights
- The increase in the price of tomatoes was attributed to seasonal fluctuations. According to Mrs Salako a trader at Mile-12 market, she explained that “normally the price of tomatoes always spikes during raining season, and it is not a surprise to see the price go up as it has began to rain in most parts of Nigeria.”
- The increase in the price of tomatoes and pepper came on the back similar increases recorded in the month of February when scarcity of the food item hit various markets in Lagos State as a result of the Northern traders embarking on strike action.
- According to Mr. Lanre a tomatoes seller at the Mile 12 market in Lagos, he explained that the fresh food items were not transported into the market during this period. “we were not able to receive fresh tomatoes in February, because the union insisted that they will not bring in new products to the south, due to report of killings associated to Yoruba and Fulani herdsman”, He explained.
- He also explained that a truck transporting goods from the north was destroyed and burnt down Sometime in the month of February, which further instigated the union to embark on strike action and deprive the South of food items. It is worth noting that the issue has been resolved and business has resumed to normal.
- The increase in the price of crayfish was attributed to fluctuations due to seasonality. According to KC, a trader at Mile-12 market, he explained to Nairalytics that crayfish is currently scarce in the market as a result of the dry weather but hopes the price will normalize in the coming weeks as we enter into raining season.
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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.
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