The prices of rice, beans, tomatoes, pepper amongst other staple food items recorded significant increases across major markets in Lagos State, as traders lament the sudden increase in transport costs.
This is according to information gathered by Nairalytics, the research arm of Nairametrics, in its latest market survey report carried out across major markets in Lagos
Notably, a 50kg bag of foreign rice increased by 17.58% to sell for an average of N32,775 compared to N27,875 recorded in the previous month. Also, the price of a big bag of white beans that was initially sold for an average of N47,875, now sells for an average of N50,250,
Meanwhile, the recent increase in the price of food items in Lagos State was attributed to the significant hike in transport costs caused by fuel scarcity across the state, seasonal fluctuation as well as supply shortages.
On the other hand, a 50kg bag of ijebu garri dropped to an average of N11,950 as against an average of N17,000, while the price of filling a 12.5kg cylinder of gas decreased by 4.3% to sell for an average of N7,513 compared to N7,850 recorded in the previous month.
Highlights
- The price of a 200g carton of Noodles increased by 24.63% to sell for an average of N4,238 when compared to an initial average of N3,400 recorded in the previous month.
- Also, a big basket of tomatoes that was sold for an average of N13,625 in the previous month now sells for an average of N15,250, representing an increase of 11.93%.
- A 500g of St’Louis cube sugar also rose by 9.09% to sell for an average of N600 when compared to the initial average of N550 recorded in the previous month.
- The traders at the various market attributed the surge in the price of food items to the scarcity of petrol products in most areas of Lagos State, which has caused a significant increase in the cost of transportation.
What NBS data is saying
A cursory glance at the inflation report by the National Bureau of Statistics (NBS), shows that Nigeria’s headline inflation and food inflation rate dropped marginally to 15.6% and 17.13% respectively in January 2022,
- According to the report, the 17.13% food inflation rate is attributable to the significant increase in the prices of bread, cereals, food product, potatoes, yam, soft drinks, oil and fats, and fruits.
- A further look at the food price report by the apex statistical body, reveals that the price of tomatoes rose by 2.8% month-on-month in January 2022 compared to the previous month.
- Along the same line, the price of an onion bulb in Nigeria increased by 5.27% to sell for an average of N368.1 in January 2022.
- Also, a loaf of 500g sliced bread in Lagos State increased by 7.35% to sell for an average of N460, while unsliced bread of the same size recorded a month-on-month increase of 6.7% to sell for an average of N405.
- Similarly, the price of beef, rice, wheat, yam, chicken, egg, beans amongst others recorded an increase in price in the month of January 2022 compared to the previous month.
- It is worth noting that the prices are yet to reflect the effect of the fuel scarcity across the country, especially in Lagos and Abuja, which only started in February 2022.
Meanwhile, the Nairametrics food price survey report highlights information on items that witnessed price increases, price decreases compared to the previous month, as well as information on special markets, and insights.
Items that witnessed price increase
- This section of the report lists notable food items that recorded price increases in February 2022 compared to the previous month.
- The price of a big bag of pepper increased by 6.19% to sell for an average of N12,895 compared to N12,125 recorded in January 2022.
- Also, a medium-sized bag of pepper which was initially sold for an average of N5,875 now sells for an average of N7,250 recording an increase of 23.40%.
- Likewise, a 1kg of Titus (Mackerel) fish rose by 20.66% to sell for an average of N1,825 when compared to an average of N1,513 recorded last month.
- Similarly, a 50kg bag of yellow garri now sells for an average of N16,050 representing an increase of 13.63% compared to N14,125 recorded in January 2022.
- A 1kg pack of Honeywell wheat meal increased by 10.34% to sell for an average of N600 from the previously recorded average of N544
Items that reduced in price
- A 5-litre gallon of Local palm oil that was sold for an average of N4,600 in January 2022 is now sold for an average of N4,200, representing a decline of 8.7%.
- Similarly, A big-sized tuber of Abuja yam dropped by 7.86% to sell for an average of N1,613 from an initial average of N1,750.
- The cost of filling a 5kg and 12.5kg cylinder of cooking gas also declined by 7.55% and 4.30% to sell for averages of N3,063 and N7,513 compared to previous averages of N3,313 and N7,850 respectively.
- The price of a 50kg bag of white garri also recorded a drop in price. Specifically, the price dropped by 6.56% to sell for an average of N14,250.
- Likewise, the price of a pack of Lipton Yellow Label reduced by 6.25%, now sells for an average of N300 from the initial average of N320 recorded in the previous month.
Market insights
The price of rice surged across the four markets understudy in Lagos, which was attributed to supply shortages in the markets. According to Iya Nike, a rice dealer at Daleko market, she explained that there has been a relative scarcity of short-gained rice in the market, which has driven the price of the little in the market upward.
“We are experiencing a significant increase in the price of rice in the market because of supply issues, our dealers have not been able to bring in rice into the market, which is why the little available has witnessed a significant price increase,” she said.
With respect to the increase in the price of tomatoes, the traders explained that the price of tomatoes is highly volatile and could change at any point in time, except for shocks due to unforeseen circumstances. While talking to Usman, a tomatoes trader at Mile-12 market, he explained that the price of tomatoes changes based on the freshness of the fruit.
“When they bring in the tomatoes freshly into the market, the price is usually u, while by later in the day, the price reduces because it is less fresh and probably have some spoilt one in the bags already,” he explained.
He however highlighted that petrol scarcity has also affected the price of tomatoes and other vegetables in the market, with the cost of transportation being a major cause for the spike.
Mrs Chizoba at Oyingbo market lamented the significant increase in the price of food items in the market. “We continue to suffer from uncontrollable price increase in this country, which is making life harder for average Nigerians.”
She also explained that since the start of the fuel scarcity, the prices of some food items have witnessed about 50% in price.
About Nairametrics Food Price Survey
Nairametrics Food Price Watch is a bi-monthly Household Market Survey that covers the prices of major food items in Nigeria, with emphasis on five major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market, and Mile 12 Market.