Nigerians have been hit with a further hike in the prices of food items such as flour, groundnut oil, pepper, tomatoes, noodles amongst others.
These food items witnessed a significant surge in price, which has resulted in low sales turnouts in various markets in Lagos State. This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.
Notably, a 25 litres gallon of groundnut oil that was initially sold for an average of N19,875 now sells for N20,375, representing a 2.5% increase in price. Also, a 50kg bag of Honeywell flour now sells for an average of N15,125 as against an initial average of N13,800.
A big basket of round-shaped tomatoes spiked by as much as 10% to sell for an average of N16,500, while a medium-sized bag of pepper skyrocketed by 85.7% to sell for an average of N13,000.
This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and market insights.
Items that witnessed price increase
- A 10kg bag of Mama Gold rice recorded a marginal increase of 1.1% to sell for an average of N4,600, while the 50kg sized bag sells for an average of N23,125 as against an initial average of N22,875.
- A 50kg bag of Oloyin beans (honey beans) now sells for an average of N29,500 from an initial average of N25,625. This represents an increase of 15.1% compared to two weeks ago.
- The price of a carton of 305g size of Indomie, generally known as Belle Full increased by 5% to sell for an average of N3,688.
- The 200g carton of Indomie noodles (Hungry man) also sells for an average of N3,700, representing an increase of 10.9% compared to N3,338 recorded earlier in the month.
- A carton of 100g of Chikki noodles sells for an average of N2,950. a 34.1% increased compared to an initial average of N2,200.
- A big basket of round-shaped tomatoes currently sells for an average of N16,500. This represents a 10% increase compared to N15,000 recorded two weeks ago.
- Also, the price of a medium-sized basket of round-shaped tomatoes increased by 14.3% to sell for an average of N8,000 as against an initial average of N7,000.
- A big bag of pepper now sells for an average of N15,000 at Mile-12 market, representing a 17.6% increase compared to an initial average of N12,750.
- The medium-sized bag of pepper also recorded an increase of 85.7% to sell for an average of N13,000.
- In the same vein, a big bag of melon currently sells for an average of N43,500. This represents an increase of 4.8% when compared to N41,500 initially recorded.
- Also, the price of a big bag of onions recorded a 4.3% increase to sell for an average of N18,250.
Items that witnessed price decrease
- A nylon of crayfish that was initially sold for an average of N13,250 now sells for an average of N11,750, indicating a decline of 11.3% in price.
- The price of a big bag of Bush mango seed, popularly known as Ogbono, reduced by 4% to sell for an average of N120,000 as against an initial average of N125,000.
- A 50kg bag of white garri sells for an average of N17,750 compared to an initial average of N18,250.
- The price of a 50kg bag of yellow garri also reduced by 3.4% to sell for an average of N17,750 compared to an initial average of N18,375.
- A big-sized tuber of Abuja yam now sells for an average of N875, compared to an initial average of N975 while a medium-sized tuber reduced from an average of N600 to N588.
- The price of a 50kg bag of foreign rice (Royal Stallion) reduced 2.5% to sell for an average of N24,500 while Caprice sells for an average of N24,125.
Items that maintained initial prices
- A 12.5kg refill of household cooking gas continues to sell for an average of N4,700 while 5kg stands at N1,900.
- 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, the same as recorded two weeks ago.
- The prices of juice drink, bread, tea, have remained unchanged.
- A 50kg bag of white beans still sells for an average of N50,000, which is the same as recorded two weeks ago.
- A 25litres gallon of palm oil still sells for an average of N13,500, while 5 litres gallon sells for an average of N2,750.
- A carton of full chicken currently sells for an average of N14,750, Chicken lap (N14,750), while a carton of turkey continues to sell for an average of N18,833.
Special markets/items
The price of round shaped tomatoes surged in various markets in Lagos State, as traders attributed the increase to the heavy rain witnessed in the northern part of the country where they are being cultivated.
- According to Malam Bala, a tomatoes dealer at the market, he said that round shaped tomatoes are cultivated in the north and usually records price increase during raining season.
- He also explained that the oval shaped variant of tomatoes which is usually cultivated in the western part has not been supplied to the market. This, he attributed to the lack of adequate rain in this part of the country, which is affecting crop production.
- A visit to Daleko Market, revealed that the price of foreign-made rice recorded slight decrease in price, while the price of locally made rice recorded increase within the period under review.
- The traders at Daleko market lamented low sales turnout as customers complain of high food prices.
- While speaking to a rice dealer at the market, popularly known as Iya Nike, she complained that sales in recent times have dwindled in the market, affecting the inventory turnover of most rice dealers in the market. “Customers hardly come to the market, while the few who visit the markets complain of high prices and lack of funds,” she lamented.
Market insights
Market women selling confectionery items at the Oyingbo market have registered discontent with the recent continuous surge in the prices of raw materials used in baking cakes and other pastries.
- Mrs Okafor, a major pastry maker, expressed concerns towards the continuous increase in the prices of flour, groundnut oil, egg as well as sugar.
- According to her, a 50kg bag of flour currently sells for between N15,500 and N16,000 depending on the buyer’s bargaining power. This item was sold for between N8,000 and N10,000 early last year.
- She also outlined that a bag of sugar also sells for as high as N6,000 while a 25litre gallon of groundnut oil currently sells for at least N20,000 compared to about N9,000 recorded earlier in 2020.
- This implies that the price of a bag of flour has witnessed a surge of at least 100% within a year while the price of groundnut oil has skyrocketed by at least 122.2% in the same period.
- She called on the federal government to intervene in the issue of persistent increase in food items which has caused significant uptick in food inflationary pressure in the country.
- Mrs Okafor explained that due to the increases in the aforementioned items, cakes, doughnut, bread and other pastry foods have also witnessed similar price increases.
- In the same vein, other food items that have witnessed significant upsurge in the past year include pepper, egg, noodles, pasta and other staple foods.
- For example, a crate of egg was sold for an average of N800 earlier last and has recorded an upswing of around 87% to sell for an average of N1,500, similar with a medium size bag of pepper which moved from N4,000 to an average of N13,000.