The prices of the main basic products foods they continue to trend upwards in the main markets of Lagos, following the rising cost of goods and services and supply chain disruptions around the world. Nigeria is not insulated from the harsh effects of global economic challenges, especially now that inflation has peaked at a 17-year high.
One only needs to walk in the local market to feel the harsh effect of the jarring tooth of inflation. For example, a large bag of pepper that sold for an average of N25,125 two weeks ago increased by 69% to sell for an average of N42,375 in markets in Lagos state.
This is according to the market survey report, conducted by NairalyticsNairametrics’ research arm in four main markets in Lagos, comprising Mushin, Daleko, Oyingbo and Mile 12 Markets.
Similarly, the price of 400g of Ovaltine refill cocoa drink rose 61% to sell for an average of N1,848 from N1,180 two weeks ago. Along the same lines, the price of a large bag of ijebu garri rose 37% to sell for an average of N18,800.
the recent rise in food prices It has been attributed to the ongoing supply chain disruption in the global market, the falling exchange rate, ongoing attacks on food-producing regions, the cost of operations such as gasoline and diesel, among others.
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But it’s not all bad news for food products as a 10kg bag of Royal Stallion rice fell 41.7%, to now sell for an average of N6,850 compared to the starting average price of N11,750. Likewise, the price of a kilo of Kote (horse) fish saw a 20% drop compared to the previous average price of N2,000, now selling for N1,600.
Specifically, the market survey report includes information on foods that saw price increases, items that saw price decreases, as well as market information from merchants in the various markets.
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Articles that registered price increases
- The price of a 0.9kg pack of Ayoola Pondo Yam increased by 28.6% to sell for an average of N1,800 compared to N1,400 two weeks ago.
- Furthermore, a small basket of Irish potatoes which 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 large bag of bush mango seeds, also known as ogbono, rose 20.2% to sell for an average of N199,625 from N165,125 sold last month.
- A plastic pepper paint is now selling for an average of N7,100 from an initial average of N6,000 recorded two weeks ago, representing a price increase of 16.7%.
- Similarly, a 400g cowbell refill pack previously selling for an average of N1,130 is now selling for an average of N1,320, posting an increase of 16.8%, while a Loya milk refill pack from 400g also increased by 22.8% so far. sell for an average of N1,690.
- The price of a 2,267kg pack of Olaola Poundo Yam also saw a 15.7% increase to sell for an average of N8,500 from the initial average price of N7,350.
- Other items that experienced price increases include semovita, a box of eggs, wheat, sardines and bread.
Items that saw a drop in price
- The price of a 52g pack of Lipton Yellow label tea bag decreased by 18.2% to sell for an average of N455 compared to N550 two weeks ago.
- A box of frozen whole chicken is now selling for an average of N18,325 from N23,000 recorded two weeks ago, representing a price decrease of 15.98%.
- Furthermore, an 850g tin of Dano Milk which initially sold for an average of N4,000 is now selling for N3,365, representing a price drop of 16.25%.
- A 500g piece of Power Pasta recorded a 15.56% decrease in selling price by an average of N380 versus an average of N450 recorded two weeks ago.
- The price of a small basket of round tomatoes fell by 11.5% and is now selling for an average of 12,125 naira compared to the previous average of 14,125 naira.
- Other items that saw a decrease in price in the last two weeks include (white) beans, palm oil, etc.
What the merchants say
- Nairametrics spoke to some traders in the surveyed market, who expressed concern about the volatility in food prices in the market and how it is affecting sales. In a discussion with Mr. adamu, who sells tomatoes and peppers at Mile12 Market, pointed out that the price of peppers and tomatoes varies depending on the time of day and the amount of supply in the market.
- “Although the prices of some items have dropped a little, it is not certain that the price in the market today will be the one you will find tomorrow or the next.“, he said.
- On the other hand, Mallam Danladi A trader at Mile-12 Market, which deals in the sale of Irish potatoes, attributed the scandalous increase in the price of the tubers to the activities of bandits, Boko Haram and herders in the northern areas of the country.
- “Today, farmers do not want to go to farms for fear of being killed, while traders transporting large quantities of goods have now opted for small quantities to avoid being seen by attackers on the road.” explained more.
- gilbertHowever, a grain trader at Daleko Market suggested that food prices could decline in September as the harvest season starts in the current month. He also pointed out that farmers are cheating them, since most of the bean bags they buy from farmers are no longer filled to the brim.
- “Our main problem with buying beans is that the item in the bags is no longer complete. A bean bag is supposed to contain around 80 paints, but it is quite unfortunate that we often find 70-72 paints in a bag.” Also, the number of waste sheaves in most bean bags is too much, reducing the actual number of bean seeds and creating losses.”he complained.
- “Although there are some positive results as the government has put an emphasis on rice production in the country, but I must say that the same emphasis should be used for the production of other agricultural products so that we do not have to depend on imported products,” Nnamdi added a fellow trader.
- Mrs Toby, the owner of a frozen food shop in Oyingbo market, lamented that her profit margin has been greatly reduced due to the continuous increase in food prices, which has affected the purchasing power of Nigerians, as customers they can no longer buy as much as they would like. she used to.
- A beverage merchant at Mushin Market, mrs adaobiHe pointed out that there is fluctuation in the price of cocoa beverages and dairy products in the market.
“Some brands of cocoa drinks have a higher price as a result of the increase in the cost of raw materials, while others have registered a price decrease basically because they are running promotions at the moment.” She explained.
About the Nairametrics Market Survey
Nairametrics Market Survey is a fortnightly market survey conducted by Nairalytics, the research arm of Nairametrics on four major markets in Lagos State namely Oyingbo, Daleko, Mushin and Mile 12 Markets.