Prices of flour, rice, beans, tomatoes, pepper, others jump, as low patronage hits major markets
The report contains information on items that witnessed price increase, price decrease, as well as insights.
Despite the ease of lockdown in the
country, the prices of household items continue to trend upwards, as
traders across Lagos markets have once again lamented the sustained
decline in patronage. This is according to the latest Household Market
Survey conducted by Nairalytics, the research arm of Nairametrics.
The persistent increase in the price of
food items across major markets in Lagos State continues to hit harder
on consumers, as local and foreign rice, tomatoes, pepper, flour amongst
others, recorded significant surges in their prices.
According to the latest report, a 50kg bag
of Mama Gold flour that was initially sold for an average of N11,575,
now sells for an average of N16,500 – a 42.6% increase. Also, a 50kg bag
of Mama Gold rice now sells for an average of N28,875, as against
N24,375 recorded two weeks ago.
The survey further shows that a big bag of
pepper increased by 23.1%, to sell for an average of N16,000, compared
to an initial average of N13,000. A big basket of round-shaped tomatoes,
now sells for an average of N12,000.
The report contains information on items
that witnessed price increase, price decrease, as well as information on
special markets, and insights.
Items that witnessed price increase
Listed below are the items that recorded significant price increase:
- A
50kg bag of Honeywell flour increased by 24.7%, from an initial average
of N11,525 to sell for N14,375, while Mama Gold brand sells for an
average of N16,500.
- A 50kg bag of Dangote flour now sells for an average of N14,333, compared to N11,067 recorded a fortnight ago.
- A big bag of pepper that was initially sold for an average of N13,000, now sells for an average of N16,000 – a 23.1% increase.
- A
big basket of round shaped tomatoes increased by 9.1% to sell for an
average of N12,000, compared to an initial average of N11,000.
- The
cost of a big basket of oval shaped tomatoes spiked by 14.3%, from an
initial average of N7,000 to sell for an average of N8,000.
- A 50kg bag of Mama Gold rice now sells for an average of N28,875, from an initial average of N24,375 – a 18.5% increase.
- A big bag of brown beans increased by 8.6%, from an initial average of N30,375, to sell for an average of N33,000.
- A 5-litre gallon of vegetable oil that was sold for an average of N2,525 two weeks ago, now sells for N2,750 – 8.91% increase.
- A bag of bush mango seeds (Ogbono) increased by 5% to sell for an average of N105,000. It was initially sold for an average of N100,000.
Items that witnessed price decrease
Some of the items that recorded slight decrease in prices include:
- A 50kg bag of garri (Ijebu) that reduced by 5.31%, to sell for an average of N13,375, compared to an initial average of N14,125.
- A big basket of sweet potatoes that was initially sold for an average of N18,000, now sells for N14,000 – a 22.2% decrease.
- A 5-litre gallon of Kings oil now sells for an average of N3,000, as against N3,050 recorded last month.
- A
big bag of dry onions reduced marginally by 2.11%, to sell for an
average of N34,750, compared to N35,500 recorded two weeks ago.
- A big bag of new onions now sells for an average of N25,500, a 1.92% reduction, compared to an initial average of N26,000.
Items that maintained initial prices
Items whose prices remained the same, compared to two weeks ago include:
- A crate of egg which continues to sell for an average of N1,200, same as recorded in the previous report.
- A medium-sized basket of round shaped tomatoes continues to sell for an average of N7,000.
- A 50kg bag of beans (Oloyin) sells for an average of N20,375.
- A 400g tin of Peak Powdered Milk sells for an average of N1,200, while 900g still sells for an average of N2,363.
- The various sizes of cartons of noodles maintained their initial prices – 305g Indomie (N3,150), 210g Indomie (N3,200), and 100g Chikki (N2,150).
- 500g and 900g Milo tins still sell for N1,038 and N2,125 on average respectively across the four markets.
- A carton of Golden Penny Pasta sells for an average of N4,325.
Special markets/items
Nairalytics
had reported two weeks earlier, that prices of major food items such as
rice, beans, pepper, and other items recorded significant increase.
This was partly attributed to seasonal fluctuations and supply chain
bottlenecks caused by the COVID-19 induced lockdown.
In the latest increase, traders decried
the sudden jump in price of flour. Flour, which is a necessity for the
production of items like bread, cakes, and confectioneries, recorded a
significant spike, as a 50kg bag of flour witnessed a 29.5% increase in price.
An interview with a trader at Oyingbo
market revealed that customers have become disgruntled with the
persistent increase in prices of most food items, as it has become a
cause for worry to the traders, “We
are worried about this continued increase in price of food, as some of
our customers now decide to buy less due to the price increment, while
others just take a walk,” She said.
She further revealed, “Bakeries
have now increased the price of bread, as the increase in price of
flour has affected their already declining profits.”
Below are the prices of various brands of rice sighted at Daleko market:
Mama Gold (10kg) – N4,500; Royal Stallion
(50kg) – N29,000; Rice Master (10kg) – N5,000; Mama Gold (50kg) –
N29,000; Caprice (50kg) – N29,000; Mama’s Pride(50kg) – N24,500; Umza (50kg) – N24,500; Labana (50kg) – N25,000; Alamzat (50kg) – N23,500; Big Bull (50kg) – N25,000; Mama’s Choice (50kg) – N24,000.
Market insights
Major tomato traders at Mushin market,
during the week, blamed the increase of tomatoes on the fact that, the
season for the oval shaped tomatoes is coming to an end. According to
Mrs. Jamiu, “Very soon, oval shaped tomatoes will no more be available in the market, as its season is almost over.”
Nairametrics, earlier
reported that a small basket of oval shaped tomatoes was sold for an
average of N800 at Mushin market last month. However, it has doubled in
price, and now sells for an average of N1,700.
Mrs. Olaoluwa, who also sells at Mushin
market, shared a contrary opinion. She attributed the increase in price
of major food items including tomatoes to the approaching festivity.
“As the year is coming to an end, it is
normal for prices of items in Nigeria to jack up, it is just hitting
harder this year because of the effect of the COVID-19 pandemic.” She
said
When Nairalytics Research visited Daleko
market, Mrs. Oladayo, reiterated that the Federal Government’s decision
to restrict importation of rice, is the major cause of the increase in
price of rice.
According to her, Nigeria is not able to produce enough rice that can
circulate across the country, hence the unavoidable scarcity.
She reiterated that the stony rice being
sold in the markets also affects the prices of the commodity, as most
consumers who do not wish to buy the inferior quality, will have to pay
more for neater brands of rice.
