The price of local rice, palm oil, brown beans, and bread amongst other staple food items surged across Lagos Markets. This is according to the recent food market survey carried out by Nairalytics, the research arm of Nairametrics.
The recent food price increase is despite the reopening of four more land borders by the president, Muhammadu Buhari, two weeks ago. Recall, that the Nigeria Customs Service (NCS) announced in April that the president had approved the reopening of four land borders; Idiroko in Ogun State, Jibiya in Katsina, Kamba in Kebbi, and Ikom in Cross River State.
However, despite the reopening of these land borders, which had been closed since 2019, the prices of food items in Lagos witnessed a significant surge in price.
Notably, a 5-litre gallon of palm oil now sells for an average of N6,050, compared to an average of N3,950 recorded two weeks ago. This translates to a 53.2% increase in just two weeks.
Also, a 50kg bag of Oloyin beans now sells for an average of N48,625 from the previous average of N35,700, indicating a price increase of 36.2%.
On the other hand, the average price of milo, garri, onions, egg and a few other food items recorded a decline in price when compared to the significant increase recorded in the previous month.
The price of a 450g size of Milo beverage dropped by 15.38% to sell for an average of N1,375 from the initial average of N1,625, while a 50kg bag of yellow garri now sells for an average of N12,800 as against an initial average of N15,450.
Meanwhile, the incessant hike in the price of the food items was attributed to the high cost of transportation and is currently threatening the survival of their businesses, as noted by some of the traders interviewed by Nairametrics Research team.
Highlights of the report
- A medium-sized tuber of Abuja yam now sells for an average of N875 when compared to an average of N763 recorded in the previous month. This represents a 14.8% price increase between 21st April and 6th May 2022.
- A 50kg bag of Mama gold rice increased by 13.58% to sell for an average of N33,875 in the week under review against the previously recorded average price of N29,825.
- Also, a 25 litres gallon of vegetable oil currently sells for an average of N36,925 indicating a 12.49% increase when compared to average of N32,825 recorded in the previous month.
- A loaf of bread that was sold for an average of N650, has now topped N800. In the same vein, the price of sardine bread increased from N650 to N800 in just two weeks.
- The rise in the price of bread is due to the 8.7% increase in the price of flour. A big bag of flour (50kg) increased by 8.8% from an average of N21,950 recorded in Apri to an average of N23,875.
- The price of a big bag of bush mango seed, also known as ‘ogbono’ rose by 10.78% to sell for an average of N170,500 compared to an initial average of N155,000.
- In addition, a medium-sized basket of pepper that was sold for an average of N21,000 in the previous month now sells for an average of N33,000.
- On the flip side, the price of a big bag of dry onions dropped by 8.17% to sell for an average of N18,825 as against an average of N20,500 recorded in the previous month.
- Refilling a 5kg cylinder of cooking gas now cost an average of N3,200 when compared to an initial average of N3,375, representing a decrease of 5.19%.
- A 50kg bag of white garri now sells for an average of N12,850 as against an average of N13,750 recorded in the previous month, representing a decline of N6.55%.