The prices of major food items in Lagos markets surged significantly in the month of June 2021 compared to the previous month. Items such as vegetable oil, pepper, tomatoes, fish, melon, onion, and frozen foods all recorded a two-figure increase in price.
The Publisher Nigeria learnt that the price of local rice, beans, yam, tomatoes, garri, amongst others recorded a significant increase in June 2021. The price of 25 litres gallon of palm oil increased by 36.1% from N13,500 recorded in May 2021 to an average of N18,375.
Also, a big bag of white beans now sells for an average of N66,750 compared to an initial average of N50,000, while brown beans currently sell for an average of N73,750. However, a big basket of potatoes recorded a 6.1% decline in price to sell for an average of N16,667.
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
- The price of a 50kg bag of Mama Gold rice increased by 2.3% to sell for an average of N23,667 compared to an initial average of N23,125 recorded in the previous month.
- A 50kg bag of brown beans which initially sold for an average of N36,750 now sells for an average of N73,750 indicating an increase of 100.7%, while white beans currently sell for an average of N66,750 up from N50,000 recorded last month.
- Also, the price of honey beans popularly known as “Oloyin” increased by 7.6% to sell for an average of N31,750 from an initial average of N29,500.
- The big size tuber of Abuja yam that was sold for an average of N875 now sells for an average of N1,267. This represents a 45% increase in price, while the medium size now sells for an average of N950, which is 62% higher than the initial price of N600.
- A 25 litres gallon of palm oil that was sold for an average of N13,500 last month has increased by 36.1% to sell for an average of N18,375, while that of a 5 litres gallon is up by 20.9% to sell for an average of N3,325 from N2,750.
- A big-sized basket of round shaped tomatoes that was initially sold for an average of N16,500, increased by 77.8% to sell for an average of N29,333.
- A medium-sized basket of round shaped tomatoes also increased by 81.3% to sell for an average of N14,500 as against the initial price of N8,000
- The price of a big basket of oval-shaped tomatoes surged by 175%, selling for an average of N22,000 compared to N8,000 recorded two weeks ago. Recall that traders only started trading in oval-shaped tomatoes two weeks ago.
- The small basket size of oval-shaped tomatoes increased by 100% from N3,000 to sell for an average of N6,000.
- A big bag of melon seeds now sells for an average of N61,500, an increase of 41.4% compared to an average of N43,500 recorded last month.
- A big bag of yellow maize has increased in price by 28% selling at an average of N32,000 compared to an initial average of N25,000. Also, a bag of white maize also increased by 19.8% to sell for an average of N29,500.
- A big bag of pepper recorded a 76.7% increase in price to sell for an average of N26,500 compared to an initial average price of N15,000 while the medium bag sells for an average of N18,000.
- The price of a 25 litres gallon of locally made vegetable oil increased by 2.5% to sell for an average of N20,875 compared to an initial average of N20,375 recorded in the previous month.
- A 1kg size of fish (Horse Mackerel) that was initially sold for an average of N613 now sells for an average of N975, representing a 59.2% increase in price, while Mackerel fish surged by 75.5% to sell for an average of N1,075.
- The price of 500g pack of Power Pasta increased by 10.7% to sell for an average of N285.
Items that witnessed price decrease
- A big bag of Bush mango seed, known as “ogbono” now sells for an average of N100,000, representing a 16.7% decline in price compared an initial average of N120,000 recorded last month.
- Refilling of a 12.5kg cylinder of household cooking gas reduced by 2.1% to sell for an average of N4,600 compared to N4,700 recorded in the previous month, while a 5kg cylinder is currently being filled for an average of N1,800.
- The price of white garri reduced by 6.1% to sell for an average of N16,667 compared to an initial average of N17,750. Yello garri (50kg bag) also reduced by 4.2% to sell for an average of N17,000.
- Other food items that recorded marginal decline in price include coca beverages, juice, milk, Royal Stallion rice and Mama’s Pride.
Items that maintained initial prices
- A 500g carton of Dangote Pasta continues to sell for an average of N4,750.
- A nylon of crayfish still sells for an average of N11,750, the same as recorded in May 2021.
- Val-U bread continues to sell for an average of N450.
Special markets/items
Pepper
The price of pepper surged by 76.7% to sell for an average of N26,500 across markets in Lagos State. Iya Bimbo a pepper seller at Mushin market attributed the increase in the price of pepper to the seasonal fluctuations.
She explained that the pepper harvested in the northern part of the country is now out of season while the Yoruba pepper presently in the market is short in supply since it is just coming out, which has led to the increase in the price of pepper.
Onions
It was observed that the supply of new onions to the market was low compared to the influx that was seen two weeks ago.
Mr Lastborn, a major onion dealer revealed that the price of onions has been unstable since the announcement of the Association of onion farmers, on putting a hold on the supply of onions to the southern part of Nigeria, due to the killings, banditry and inter-tribal killings in the north and south.
Mr Lastborn however explained that the association did not halt onion supply to the southern part, but reiterated that the price is still on the high side.
Also, Mallam Isa a trader at the Mushin market said, “Although the price of a big bag of onion declined, it is still unstable. Last week, it was 20k but now a bag is now 25k and it might increase again.”
A customer at the market who came to buy onions also complained, “look at what we are facing every day in this country. Nothing seems to be declining, today it is costly and tomorrow it is costlier. May God save us in this country,” she lamented.
Market insights
The price of bush mango seed “ogbono” reduced significantly during the period, and our respondent at Mile-12 market has attributed the sudden decline to seasonal fluctuations. According to Mr Kelechi, “we are well in the raining season when the price of ogbono falls.”
- He also suggested that the price of the food item could witness a further decline in the coming weeks as he also predicted a decline in the price of melon.
- Mr Kelechi also said that sales have increased in the market significantly compared to previous weeks. However, he could not give insight on the factors contributing to the increased patronage recorded at the Mile-12 market but expressed relief towards the latest sales development.