The prices of major staple food items continue to trend upward in major markets in Lagos, following the rising cost of goods and services and supply chain disruptions across the globe. Nigeria is not insulated from the harsh effects of the global economic challenges especially now that inflation has hit the roof at a 17-year high.
One only needs to walk into the local market to feel the harsh effect of the jarring tooth of inflation. For instance, a big bag of pepper that was sold for an average of N25,125 two weeks ago has jumped by 69% to sell for an average of N42,375 across markets in Lagos State.
This is according to the market survey report, carried out by Nairalytics, the research arm of Nairametrics across four major markets in Lagos which comprises Mushin, Daleko, Oyingbo, and Mile 12 Markets.
Similarly, the price of a 400g of Ovaltine refill cocoa beverage rose by 61% to sell for an average of N1,848 from N1,180 recorded two weeks ago. In the same vein, the price of a big bag of ijebu garri went up by 37% to sell for an average of N18,800.
The recent rise in the prices of food items has been attributed to the continuous supply chain disruption in the global market, falling exchange rate, continuous attacks in food-producing regions, cost of operations such as petrol and diesel, amongst others.
Nigerians Grapple With Higher Food Prices As Pepper, Garri, Beverages Surge Across Markets
But it is not all bad news for foodstuff as a 10kg bag of Royal Stallion rice dropped by 41.7%, to now sell for an average of N6,850 compared to the initial average price of N11,750.
Likewise, the price of a kilo of Kote fish (Horse Mackerel) recorded a decline of 20% compared to the previous average price of N2,000, which is now selling for N1,600.
Specifically, the market survey report includes information on food items that recorded price increases, items that decreased in price as well as market insights from traders in the various markets.
The price of a 0.9kg pack of Ayoola Poundo Yam increased by 28.6% to sell for an average of N1,800 compared to N1,400 recorded two weeks ago.
Also, a small basket of Irish potato that was sold for an average of N4,125 two weeks ago, increased by 21.2% to sell for an average of N5,175.
The price of a big bag of bush mango seed, otherwise known as ogbono rose by 20.2% to sell for an average of N199,625 from N165,125 sold last month.
A plastic paint of pepper now sells for an average of N7,100 from an initial average of N6,000 recorded two weeks ago, representing a price increase of 16.7%.
Likewise, a 400g pack of Cowbell refill pack which was previously sold for an average of N1,130 now sells for an average of N1,320, recording a 16.8% increase, while a 400g of Loya refill milk also increased by 22.8% to now sell for an average of N1,690.
The price of a 2.267kg pack of Olaola Poundo Yam also recorded an increase of 15.7% to sell for an average of N8,500 from the initial average price of N7,350.
Other items that witnessed price increases include semovita, a crate of egg, wheat, sardines and bread.
The price of a 52g pack of Lipton Yellow label teabag decreased by 18.2% to sell for an average of N455 compared to N550 recorded two weeks ago.
A carton of frozen full chicken now sells for an average of N18,325 from N23,000 recorded two weeks ago, representing a 15.98% decline in price.
Also, an 850g tin of Dano Milk that was initially sold for an average of N4,000 now sells for N3,365 representing a 16.25% drop in price.
A 500g piece of Power Pasta recorded a 15.56% decrease in price to sell for an average of N380 as against an average of N450 recorded two weeks ago.
The price of a small basket of round-shaped tomatoes dropped by 11.5% to now sell for an average of N12,125 when compared to the average of N14,125 recorded previously.
Other items that recorded a decrease in price in the past two weeks include beans (white), palm oil etc.