The prices of major staple food items continue to trend upward in major markets in Lagos, following the rising cost of goods and services and supply chain disruptions across the globe. Nigeria is not insulated from the harsh effects of the global economic challenges especially now that inflation has hit the roof at a 17-year high.
One only needs to walk into the local market to feel the harsh effect of the jarring tooth of inflation. For instance, a big bag of pepper that was sold for an average of N25,125 two weeks ago has jumped by 69% to sell for an average of N42,375 across markets in Lagos State.
This is according to the market survey report, carried out by Nairalytics, the research arm of Nairametrics across four major markets in Lagos which comprises Mushin, Daleko, Oyingbo, and Mile 12 Markets.
Similarly, the price of a 400g of Ovaltine refill cocoa beverage rose by 61% to sell for an average of N1,848 from N1,180 recorded two weeks ago. In the same vein, the price of a big bag of ijebu garri went up by 37% to sell for an average of N18,800.
The recent rise in the prices of food items has been attributed to the continuous supply chain disruption in the global market, falling exchange rate, continuous attacks in food-producing regions, cost of operations such as petrol and diesel, amongst others.
But it is not all bad news for foodstuff as a 10kg bag of Royal Stallion rice dropped by 41.7%, to now sell for an average of N6,850 compared to the initial average price of N11,750. Likewise, the price of a kilo of Kote fish (Horse Mackerel) recorded a decline of 20% compared to the previous average price of N2,000, which is now selling for N1,600.
Specifically, the market survey report includes information on food items that recorded price increases, items that decreased in price as well as market insights from traders in the various markets.
Items that recorded price increases
- The price of a 0.9kg pack of Ayoola Poundo Yam increased by 28.6% to sell for an average of N1,800 compared to N1,400 recorded two weeks ago.
- Also, a small basket of Irish potato that was sold for an average of N4,125 two weeks ago, increased by 21.2% to sell for an average of N5,175.
- The price of a big bag of bush mango seed, otherwise known as ogbono rose by 20.2% to sell for an average of N199,625 from N165,125 sold last month.
- A plastic paint of pepper now sells for an average of N7,100 from an initial average of N6,000 recorded two weeks ago, representing a price increase of 16.7%.
- Likewise, a 400g pack of Cowbell refill pack which was previously sold for an average of N1,130 now sells for an average of N1,320, recording a 16.8% increase, while a 400g of Loya refill milk also increased by 22.8% to now sell for an average of N1,690.
- The price of a 2.267kg pack of Olaola Poundo Yam also recorded an increase of 15.7% to sell for an average of N8,500 from the initial average price of N7,350.
- Other items that witnessed price increases include semovita, a crate of egg, wheat, sardines and bread.
Items that recorded a drop in price
- The price of a 52g pack of Lipton Yellow label teabag decreased by 18.2% to sell for an average of N455 compared to N550 recorded two weeks ago.
- A carton of frozen full chicken now sells for an average of N18,325 from N23,000 recorded two weeks ago, representing a 15.98% decline in price.
- Also, an 850g tin of Dano Milk that was initially sold for an average of N4,000 now sells for N3,365 representing a 16.25% drop in price.
- A 500g piece of Power Pasta recorded a 15.56% decrease in price to sell for an average of N380 as against an average of N450 recorded two weeks ago.
- The price of a small basket of round-shaped tomatoes dropped by 11.5% to now sell for an average of N12,125 when compared to the average of N14,125 recorded previously.
- Other items that recorded a decrease in price in the past two weeks include beans (white), palm oil etc.
What traders are saying
- Nairametrics spoke to some traders in the surveyed market, who expressed worries over the volatility in the prices of food items in the market and how it is affecting sales. In a discussion with Mr. Adamu, who sells tomatoes and pepper at Mile12 market, he noted that the price of pepper and tomatoes vary based on the time of the day and quantity of supply in the market.
- “Although the prices of some items have reduced a bit, it is not certain that the price in the market today is what you will find tomorrow or next”, he said.
- On the other hand, Mallam Danladi a trader in Mile-12 Market, who deals in the sales of irish potatoes attributed the outrageous increase in the price of tubers to the activities of bandits, Boko Haram, and herdsmen in the northern areas of the country.
- “Today, farmers don’t want to go to farms due to fear of being killed, while traders who transport large quantities of goods have now resulted to small quantities in a bid to avoid being noticed by attackers on the road,” he explained further.
- Gilbert, a grain trader at Daleko Market, however, suggested that the prices of food items could peter down in the month of September as the harvest season begins in the current month. He also noted that they are being cheated by the farmers as most of the bags of beans they buy from the farmers are no longer full to the brim.
- “Our major problem with the purchase of beans is that the item in the bags is no longer complete. A bag of beans is supposed to contain about 80 paints but it’s quite unfortunate that we often find about 70 to 72 paints in a bag”. Also, the quantity of wasteful sheaves in most bags of beans are just too much, thereby reducing the actual beans seeds quantity and resulting in losses”, he complained.
- “Though there are some positive results since the government has placed emphasis on rice production in the country but I must say that the same emphasis should be employed for the production of other farm products so we won’t have to depend on imported products”, Nnamdi a fellow trader added.
- Madam Tobi, the owner of a frozen food store at Oyingbo Market, lamented that her profit margin has reduced greatly due to the continuous hike in the prices of food items, which has affected the purchasing power of Nigerians as customers can no longer make as much purchase as they used to.
- A beverage trader at Mushin Market, Mrs Adaobi, noted that there is fluctuation in the price if cocoa beverages and dairy products in the market.
“Some brands of cocoa beverages are higher in price as a result of the rising cost of raw materials, while others have recorded price decrease basically because they are running promotions at the moment,” she explained.
About Nairametrics Market Survey
The Nairametrics market survey is a bi-weekly market survey carried out by Nairalytics, the research arm of Nairametrics across four major markets in Lagos State, namely: Oyingbo, Daleko, Mushin and Mile 12 Markets.
