As Eid-el Kabir celebrations draw close, Nairametrics Research visited major markets in Lagos State to obtain the prices of major food items and insights for our readers.
The latest household survey revealed a significant rise in the prices of Irish potatoes, while imported rice inches down. Specifically, a big basket of Irish potatoes is now sold for an average of N20,000 from N15,000 sold two weeks ago, indicating a significant increase of 33.3%. Meanwhile, the prices of imported rice appear to have edged out the made-in-Nigeria rice, as rice sellers expressed concerns. Also, several items witnessed no change in prices across the various markets surveyed.
The survey reported items that have witnessed a reduction or increase in prices over the past two weeks, and those that maintained their prices. Market insights were also obtained from the vendors.
Items which declined in prices: Grains such as Royal Stallion rice (50kg), Rice Master (50kg), Caprice (50kg), Mama’s Pride rice (50kg), a bag of Oloyin beans (50kg) and white beans (50kg) all witnessed a fair decline in prices.
- A big tuber of yam now sells for an average of N1,450 from its initial price of N1,500 while a medium–sized tuber of yam sells for an average of N825 from an initial average price of N863 two weeks ago. An 80kg bag of garri (Ijebu) also reduced from N7,175 to N7,100.
- The price of tomatoes has continued to decline since a big basket was sold for N18,000 in the first week of June. Nairametrics reported 2 weeks ago that a big basket of round–shaped tomatoes was sold for an average of N11,000.
- Consumers have more reasons to be optimistic as the price of the tomatoes continues to decline. Tomatoes now sell for an average of N10,000. Also, a big basket of oval–shaped tomatoes is now sold for an average of N4,000 from the initial N6,000 reported two weeks ago.
Items with increased prices: The price of a basket of Irish potatoes has been fluctuating in recent weeks. Irish potatoes have once again recorded a significant 33.3% increase in price from N15,000 to N20,000.
- The commodity was sold for N20,000 last month while it declined two weeks ago to N15,000. However, the price of the item has surged to the initial price of N20,000.
- The average price of a gallon of vegetable oil (25 litres) slightly increased from N9,750 to N9,775.
Special Items/Market: Major sellers in the markets were interviewed as regards the year-on-year price changes of some household commodities. They expressed bitter concerns over the restriction placed on foreign rice importation.
- Brands such as Royal Umbrella, Royal Stallion, Tomatoes, Aroso, Caprice, Stallion and Cap sell for an average of N13,500 in Daleko market, while Mama’s Pride, a locally–grown brand, is sold for N14,500.
- However, Lake Rice, being a Lagos-Kebbi States collaboration brand, is sold at a cheaper rate of N13,500. Meanwhile, the Research Team collated information as regards why the prices of various brands of imported rice are cheaper than locally– grown rice.
- According to a rice seller, who pleaded anonymity, no state in Nigeria is capable of producing enough rice. This makes it difficult for local rice to be cheap. The seller said that the government should be proactive in either lifting the embargo on rice importation or providing a viable solution to the lack of sufficient supply of local rice to make the prices drop.
Major price fall in one year: With respect to the year-on-year variation in prices, sellers in the markets told our Research Team the items that have undergone a significant decrease within the past year.
- A bag of Oloyin beans (50kg) was sold for an average of N27,000 last year but now sells for N14,500, while white beans currently sell for N24,000 from an initial price of over N33,000.
- A bag of melon seeds that sold for over N90,000 last year now sells for an average of N55,000.
- Also, a bag of bush mango seeds (Ogbono) that sold for an average of N100,000 now sells for N55,000.
- In order to record the changes in the wholesale price of the Garri in the last one year, the team visited Idi-Oro Market in Mushin and Mile 12.
- Sellers at Mile 12 revealed that in 2018, a bag of yellow Garri sold for N5,200 while white Garri was bought for N7,000, compared to the current prices which go for N4,600 and N6,000 respectively. This means that the price of yellow Garri dropped by 12% while the price of whiteGarri declined by 14% in the last one year.
About Nairametrics Food Price Survey: The Nairametrics Food Price Watch is a bi–weekly household market survey that covers prices of major food items, with emphasis on four major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market and Mile 12.