Prices Of Major Food Items Crash Further In Nigeria Markets
LAGOS JANUARY 31ST (NEWSRANGERS)-The prices of locally-made rice have trickled down across major markets in Lagos State on the back of sustained reduction in the price of foreign-made rice as other major food items such as; tomatoes, onions, pepper, and potatoes record further decline in price.
This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.
According to the report, a 50kg bag of Mama’s Pride rice – a locally produced rice now sells for an average of N22,875, representing a 3.7% decline in price, while a 50kg bag of Royal Stallion rice now sells for an average of N24,250.
Also, the price of a bag of onions (Dry onions) crashed by as much as 23% to sell for an average of N16,500, while a big basket of round shaped tomatoes currently sells for an average of N4,000 as against an initial average of N6,500.
This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and insights.
Items that witnessed price decrease
- The price of a 10kg size of Mama Gold rice decreased by 4% to sell for an average of N4,225 compared to an initial average of N4,400 recorded two weeks ago.
- A 50kg bag of Royal Stallion that was previously sold for an average of N24,500, now sells for an average of N24,250. This represents a 1% decline in price.
- Also, the price of a 50kg bag of Mama Gold rice now sells for an average of N24,250 as against an initial average of N24,875.
- A 50kg bag of Mama’s Pride rice, initially sold for an average of N23,750 now sells for an average of N22,875, representing a reduction of 3.7%.
- The biggest basket of Irish potatoes that was sold for an average of N25,000 two weeks ago now sells for an average of 17,000. This represents a 32% decline in price.
- Also, a medium-sized basket of Irish potatoes now sells for an average of N2,200 as against N2,600 recorded earlier in the month.
- The price of a big basket of round shaped tomatoes dipped by 38.5% to sell for an average of N4,000 compared to an initial average of N6,500.
- A medium-sized basket of round shaped tomatoes that was initially sold for an average of N3,000 now sells for an average of N1,500. This represents a decline in price of 50%.
- A big bag size of pepper now sells for an average of N7,250 compared to an initial average of N7,750 representing a decline in price of 6.5%.
- Also, the price of a medium-sized bag of pepper declined by 6.7% to sell for an average of N3,500 compared to an initial average of N3,750.
- A big bag of dry onions currently sells for an average of N16,500 as against an average of N21,500 recorded two weeks ago. This represents 23.3% reduction in price.
- The price of a big bag size of new onions also reduced by 24.2% to sell for an average of N12,500 compared to an initial average of N16,500.
- A big bag of melon now sells for an average of N43,500. A 3.3% decline when compared to an initial average of N45,000.
Items that witnessed price increase
- The price of a 50kg bag of honey beans popularly known as “oloyin” increased by 7.6% to sell for an average of N21,875 compared to an initial average of N20,333 while a bag of white beans of the same size grew by 9.6% to sell for an average of N46,750.
- A big bag of Bush mango seed popularly known as ogbono now sells for an average of N120,000 representing an increase of 14.3% from an initial average of N105,000.
- A Nylon of crayfish that was initially sold for an average of N14,250 now sells for an average of N14,750. This represents a 3.5% increase in price.
- A 50kg bag of yellow maize now sells for an average of N24,625 from an initial average of N23,333 while a bag of white maize of the same size now sells for an average of N24,500.
- The price of a crate of egg increased by 7.2% to sell for an average of N1,300 as against an initial average of N1,213.
- A 25 litres gallon of vegetable oil that was sold for an average of N16,625 two weeks ago has increased by 9% to sell for an average of N18,125.
- Also, a 5 litres gallon of vegetable oil now sells for an average of N3,550 as against an initial average of N3,425 recorded earlier in the month.
- A big basket of sweet potatoes currently sells for an average of N6,500 representing an increase in price of 8.3% compared to an initial average of N6,000.
- A 50kg bag of white garri that was initially sold for an average of N10,750 now sells for an average of N12,750. This translates to an 18.6% increase in price.
Items that maintained initial prices
- A 50kg bag of brown beans continues to sell for an average of N30,000 same as recorded two weeks ago.
- A big tuber of yam still sells for an average of N1,000 while a medium-sized tuber sells for an average of N588.
- A 50kg bag of Ijebu garri continues to sell for an average of N14,375, while yellow garri sells for an average of N11,125.
- A 50kg bag of Honey well and Mama Gold flour sells for N13,950 and N13,850 respectively, while a bag of Dangote flour sells for an average of N13,750.
- A 25 litres gallon of palm oil sells for an average of N13,000 while a 5 litres size sells for an average of N2,675.
- Horse fish (Kote) and Titus fish still sell for an average of N613 and 638 respectively across markets in Lagos.
- A carton of full chicken sells for an average of N14,125, Chicken lap also sells for an average of N13,875 while a carton of turkey is sold for an average of N18,500.
- A 12.5kg cylinder of cooking gas is filled for an average of N3,975, while a 5kg cylinder is filled for an average of N1,750
- Amongst the list of food items that maintained their initial prices include: noodles, beverages, cocoa drinks, sugar, water, and juice.
Special markets/items
- Nairalytics could sight customers and traders at the onion section of the Mile-12 market bantering with each other, as a customer was seen exercising bargaining power at the market. “Now that the price of onions has reduced drastically, it is our time to do shakara for you,” she teased.
- Recall that a big bag of Onions was sold for as high as N90,000 last year due to seasonal fluctuation and other factors, but now at an average of N16,500, it represents an 81.7% decline in price.
- The increase in the price of egg was attributed to increase in the prices of Chicken and their feeds. Notably, in a conversation with an egg supplier at Mushin market, she explained to Nairalytics that the increase in the price of items used in the production of chicken feeds such as maize, soya beans has caused increase in the price of chicken, consequently affecting the cost of eggs.
- Below is a price list of various 50kg size brands of rice as obtained from Daleko market – Local rice; Big Bull (N24,000), Mama Pride (N22,500), Mama’s Choice (N22,500), Umza (N22,000), Solar (N22,500), Three Brothers (N22,500), Labana (N21,500), Ma Nasarawa (N18,000), Royal Naija (N18,000).
- While Foreign rice – Cap Cap (N24,000), Royal Stallion (N24,500), Tomato (N24,000), Caprice (N24,500)
Market insights
- The reduction in the price of local rice has been attributed to the decline in the price of foreign rice, owing to the reopening of land borders across the country. According to a rice dealer at Daleko market popularly known as “Iya Nike” she explained that due to the influx of foreign rice into the country, locally made rice are forced to drive their prices down so as to remain competitive in the market.
- She further explained that some brands of local rice now sell for as low as N18,000 but expressed her worries as some brands of locally made rice and foreign rice are now sold for relatively the same price, depending on the quality of the product, which could affect the sales of locally made rice in the country.
- Meanwhile, traders of tomatoes at Mile-12 market have attributed the significant decline in the price of tomatoes to seasonal fluctuation. Malam Audu, a trader at the tomatoes section of Mile-12 market, explained that it is normal for the prices of tomatoes to reduce by this time of the year, due to season. “this is the time of the year that the price of tomatoes usually reduces because we just harvested and there have been large inflows of the product into the market” He said.
- It is worth noting that there is only round-shaped tomatoes in the market and oval-shaped variant of the item is yet to be sighted in any the markets covered.
Naira Metric
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Posted by News Rangers
on Jan 31 2021. Filed under National.
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