July 2022: Prices of beans, potatoes, onions, amongst other staple food items recorded a massive surge across major markets in Lagos State, continuing its uptrend, which has lasted since the beginning of the year.
According to the recent market survey carried out by Nairalytics – the research arm of NewsTimes, the price of a big-sized bag of brown beans rose by 40.4% to sell for an average of N66,000 in the month of July 2022 compared to N47,000 selling price recorded in the previous month of June 2022.
Nigerians continue to grapple with high cost of goods and services amidst growing global inflationary pressure. Also, a medium basket of sweet potatoes, which was sold for an average of N6,370 in June, has now climbed by over 43% to sell for an average of N9,120 in Lagos State in July.
Similarly, a big bag of bush mango seed also called ogbono jumped by 42.1% to sell for an average of N212,500, from N149,500 recorded last month.
On the other hand, dairy items such as Cowbell milk (refill), pepper, fish, and tomatoes recorded slight decline in price, although still elevated when compared to the corresponding period of the previous year.
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NewsTimes market survey, which is a bi-weekly report of prices and changes in prices of food items across major markets in Lagos State, highlights details of items that recorded increases in price, items that recorded price declines, items that maintained the same prices, and key market insights.
Items that witnessed price increase
Some of the items that recorded significant price increases in the past two weeks include:
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- A big bag of dry onions that was initially sold for an average of N28,170 now sells for an average of N35,120 representing an increase of 24.67% month-on-month.
- Also, a 1kg pack of Honeywell wheatmeal increased by 22.6% to sell for an average of N638 as against N520 recorded in June, while a 10kg pack of Golden penny semolina now sells for an average of N6,400 compared to an initial average of N5,700.
- A big-sized tuber of Abuja yam now sells for an average of N2,125 compared to an average of N1,750 recorded last month, indicating a 21.43% increase.
- A carton of frozen chicken wings increased by 21% to sell for an average of N22,000 from an initial average of N18,175.
- Similarly, a crate of eggs has increased by 9.30% to sell for an average of N2,350 compared to N2,150 recorded earlier in the month.
- Also, the price of a 5-litre gallon of vegetable oil recorded an increase of 5.71% to sell for an average of N5,550.
- It is also worth noting that the price of flour, which is also raw material for the production of bread and other confectioneries spiked to an average of N28,000.
Other items include Dangote sugar, Nescafe Classic and TopCafe coffee, Milo refill, Cway bottled water, and bread.
Items that recorded price decrease
- The price of a big basket of oval tomatoes reduced by 15.8% to sell for an average of N21,000, compared to an initial average of N24,950.
- A 50kg bag of Big Bull rice now sells for an average of N29,500 as against N34,000 previously recorded. This indicates a 76% month-on-month price decline.
- A big bag of pepper sells for an average of N25,000 from an average of N27,950 recorded in the previous month, representing a6% reduction in price.
- The price of a KG of frozen Titus (Mackerel) fish reduced by 10% to sell for an average of N1,800 as against N2,000 recorded last month.
- The price of refilling a 12.5kg cylinder of gas also dropped by 7.80% to an average price of N9,450 compared to a previous price of N10,250.
Items that maintained initial prices
Food items that maintained their initial prices include cocoa beverages such as Bournvita, Milo, frozen Kote fish, and maize.
- A 450g refill of Bournvita continues to sell for an average of N1,160, while a 900g size of Bourvita maintained its average price at N2,700. Likewise, a 450g tin of Milo beverage still sells for an average of N1,700.
- A kilo of Kote (horse mackerel) continues to sell for an average of N1,600, while a 50kg bag of maize still sells for an average of N24,500.
- while a packet of golden penny pasta retained its average price of N410
- A 52g of Top tea also sells for an average of N500 which is the same as recorded in the previous month.
What the NBS report is saying
Nigeria’s inflation rate rose to a 65-month high in June 2022 to 18.6% according to the report released by the National Bureau of Statistics, as the apex statistical body cited the rise in the energy prices across the country as a contributing factor to the uptick in the inflation numbers.
In the same vein, the inflation rate of Lagos State rose to 19.11% in the month of June 2022, from 18.14% recorded in the previous month. This is following a 2.2% uptick in the food inflation of the economic hub to 22.28%.
Lagos State was one of the states in the country, where fuel scarcity and subsequent hike in transport cost was experienced. The NBS noted the rise in the cost of gas, liquid fuel, and transportation contributed to huge uptrend recorded in the review month.
In terms of food inflation, the rise in the food index was caused by increases in prices of Bread and cereals, potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine. This is also in line with the findings of Nairalytics from their recent survey.
In a conversation with Mr. Kelvin, a grocery trader at Mile-12 market, he explained that the hike in the price of bush mango seed (ogbono), melon, and crayfish is due to the rise in transportation costs in the state as a result of the surge in petroleum prices and fuel scarcity.
“Ogbono is basically the most expensive food in the country at the moment. Its increase in price has really reduced demand as customers tend to go for other alternative food items”, explained Mr. Kelvin.
Mallam Ahmad, a major onion dealer at Daleko market expressed his grievance about the surge in the price of onions which according to him is due to the unavailability of dry onion in the market, highlighting that it is majorly a seasonal price fluctuation
“Prices of tomatoes, pepper and onion are always fluctuating either due to seasonality effect or supply in the market, you only get what is sold at the current market price and there is really nothing to be done about it,” he said.
In a conversation with a frozen food dealer at Mushin Market, popularly called Mummy Ilerioluwa, she attributed the increase in the price of frozen chicken to the depreciation of the exchange rate. Recall, that the value of the naira has been on a nosedive in the past one month at the parallel market, falling to as low as N660 in relation to a dollar.
“Most frozen food items are not available in the market because it costs a lot more to bring them in, due to bad road network and falling exchange rate, thereby making sales and demand low,” she said
About NewsTimes Food Price Survey
NewsTimes Food Price Watch is a bi-weekly market survey that covers the prices of major food items, with emphasis on four major markets in Lagos – Oyingbo, Mile 12, Mushin, and Daleko.