Finance

FOOD Prices: Bag of Ijebu Garri rises 28.2% to N15,000


The incessant hike in the price of major staple food items across markets in Lagos State continued into the month of April, with the price of garri, tomatoes, beans, and bush mango popularly known as ‘ogbono’ witnessing significant surge in price compared to the previous month.

This is according to the latest market survey, carried out by Nairalytics, the research arm of Nairametrics across four major markets in Lagos State. The markets include Daleko, Oyingbo, Mile 12, and Mushin markets.

However, other food items like yam, onions, crate of eggs amongst others witnessed a reduction in their average prices following the significant surge recorded in the previous month as a result of petrol scarcity, skyrocketed diesel cost and lack of power supply.

Notably, an 80kg bag of Ijebu garri increased by 28.2% to sell for an average of N15,000 compared to N11,700 recorded in the previous month. Also, a 50kg bag of Oloyin beans that was initially sold for an average of N32,125, now sells for an average of N35,700, representing an increase of 11.1%.

On the other hand, the price of a big-sized tuber of yam dropped to an average of N1,275 as against an average of N1,500 recorded in the previous month, while the price of a 50kg bag of foreign rice (Mr. Rice) decreased by 13.3% to sell for an average of N28,620 compared to N33,000 recorded in March 2022.

Meanwhile, Nigerians continue to grapple with incessant hikes in the price of food items, eroding of purchasing power amidst other infrastructural and social problems ravaging the economy, as traders and consumers alike complain of bad road networks, seasonal fluctuations, and cost of transportation.

Highlights of the report

  • A 50kg bag of yellow garri now sells for an average of N13,875 representing an increase of 13.27% compared to N12,250 recorded in March 2022.
  • A 50kg bag of Oloyin beans increased by 11.1% to sell for an average of N35,700 from the previously recorded average of N32,125
  • The price of a big bag of bush mango seed, also known as ‘ogbono’ spiked by 15% to sell for an average of N155,000 compared to an initial average of N135,000.
  • Also, a medium-sized basket of tomatoes that was sold for an average of N11,250 in the previous month now sells for an average of N14,500, representing an increase of 24.4%.
  • A 50kg bag of garri (white) now sells for an average of N13,750. This is 11% higher than the average of N12,375 recorded in the preceding month.
  • Meanwhile, a 25litres gallon of palm oil now sells for an average of N21,250 from the previously recorded average of N22,375. This represents a 5.0% month-on-month decrease in price.
  • Also, a crate of egg now sells for an average of N1,950 from N2,075 recorded in the previous month, thereby representing a 6.6% price reduction.
  • Similarly, the price of a big-sized tuber of Abuja yam dropped by 15.0% to sell for an average of N1,275 from an initial average of N1,500.
  • The price of a big bag of dry onions reduced by 7.9%, now selling for an average of N20,500 compared to an initial average of N22,250, while a big bag of new onions dropped by 9.4% to sell for an average of N18,875 from the initial average price of N20,833.

What NBS is saying

  • The National Bureau of Statistics reported last week that Nigeria’s inflation rate rose to 15.92 in March 2022, following a similar uptick recorded in the previous month. The rise in the headline index was largely due to the rise in the food index.
  • Notably, Nigeria’s food inflation rose to 17.2% in March 2022, an increase compared to the 17.11% recorded in the preceding month.
  • According to the NBS report, the rise in the food index was caused by increases in prices of Bread and cereals, food product, Potatoes, yam and other tuber, Fish, Meat, Oils and fats.
  • On a month-on-month basis, the food sub-index increased to 1.99% in March 2022, this was up by 0.12% points from 1.87% points recorded in February 2022.
  • A cursory look at the food price tracker of the bureau for Lagos State, bread, maize, plantain, egg, onion, amongst others recorded price increases in the month of March 2022 compared to the previous month.
  • Yellow maize grain sold in loosed nylon increased by 3.68% to sell for an average of N420.61 in March 2022 compared to N405.7 recorded in the previous month.
  • Also, an onion bulb which sold for an initial average of N600.14 in February, increased by 0.81% month-on-month to sell for an average of N605.
  • On the reverse side, ofada rice, imported rice, and catfish recorded a month-on-month decline in price.

Market insights

  • While discussing with Mr Kelechi, the owner of a major grocery store at Mile-12 Market, he explained that he could not identify the reason for the increase in the price of bush mango seed, highlighting that the highly in-demand item is usually cheap at this time of the year.
  • This time, I really cannot say what exactly is causing the surge in the price of ‘ogbono’, usually it should not sell for more than N110,000 and N120,000. Although, the problem in Nigeria lately has caused huge increase in the price of more or less everything, he said.
  • He also stated that there are two types of ‘ogbono’ in the market at the moment, the Badagry bush mango seed, which sells for an average of N160,000 and the from Abakaliki, which sells for an average of N150,000.
  • He explained that the Badagry seed better than the one from Abakaliki, hence the price differential.
  • Mallam Yahaya while talking to members of Nairametrics Research team at Mushin market, explained that the tomatoes market is very volatile, and the price changes based on the availability of the item and how fresh it is.
  • He also noted that in the morning, a big basket of tomatoes was sold for an average of N15,000 in the market, before dropping as low as N7,500 in the afternoon. He explained that the only factor that influenced the price in the afternoon was as a result of the state of the fruits due to the burning sun as most of the items below the basket would be getting spoilt.
  • Also, Mrs Ayo at Daleko Market told Nairametrics that the price of local rice is currently slowly trending downwards. However, it is the brand with stone that has dropped significantly.
  • According to the trader, stone-free rice is currently sold for an average of N25,000, while the one which is stony is sold for as low as N19,000.

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.



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