The report contains information on items that witnessed price
increase, decrease, as well as information on special markets and insights.
The prices of major food items, such as bags
of beans, pepper, tomatoes, eggs amongst others have witnessed a significant surge in Lagos State markets, while
the price of local and foreign rice record a slight decrease.
This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.
According to the report, a
big bag of brown beans that was initially sold for an average of N33,500, rose
by 3.7% to sell for an average of N34,750. Also, the price of a big bag of
honey beans increased by 7.02% to sell for an average of N24,750.
Similarly, the price of a crate of egg, spiked
by 12.7% to sell for an average of N1,438 compared to an initial average of
N1,275, while a big basket of round shaped tomatoes now sells for an average of
N8,000.
Meanwhile,
the price of local and foreign rice has eased off, compared to the price
recorded two weeks ago as Royal Stallion rice (foreign) now sells for an
average of N24,500 as against an initial average of N25,375 while Mama’s Pride
rice sells for an average of N22,625.
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 increase
·
A 50kg bag of honey beans
(Oloyin) that was sold for an average of N23,125 two weeks ago has recorded a
7.02% increase in price to sell for an average of N24,750.
·
Also, a 50kg bag of white beans
now sells for an average of N50,000. This represents a 1.4% increase when
compared to an average of N49,333 recorded two weeks ago.
·
A bag of brown beans (50kg)
that was initially sold for an average of N33,500 now sells for an average
of N34,750 indicating an increase of 3.7%.
- A 50kg
bag of white garri now sells for an average of N11,625 from an
initial average of N10,750. This represents an increase of N8.14% in
price. Also, a bag of yellow garri of the same size increased by
2.25% to sell for an average of N11,375.
- Crate
of egg that was initially sold for an average of N1,275, now sells for an
average of N1,438 indicating a 12.7% increase in price.6%
- Refiling
of household cooking gas also increased as a 12.5kg cylinder is now filled
for an average of N4,700 as against an initial average of N3,975. This
represents an increase of 18.2%.
- Also,
a 5kg cylinder that was initially filled for an average of N1,750,
increased by 8.6% to an average of N1,900 in February 2021.
- A
big basket of round shaped tomatoes now sells for an average of N8,000. A
33.3% increase, when compared to an average of N6,000, recorded two weeks
ago.
- The
price of a medium-sized basket of round shaped tomatoes also surged by 50%
to sell for an average of N4,500 while a small basket sells for an average
of N2,500.
- A
big bag of pepper now sells for an average of N117,000 compared to an
initial average of N7,250 recorded in the last survey. The price of a
medium-sized bag of pepper also increased by 114%% to sell for an average
of N7,500.
- A
nylon of Crayfish that was initially sold for an average of N14,750 has
now increased by 13.6% in Lagos markets to sell for an average of N16,750.
- The price
of a 25 litres gallon of groundnut oil increased by 8.3% to sell for an
average of N19,625 compared to an initial average of N18,125 while a 5
lires gallon sells for an average of N3,675.
- A carton
of Indomie noodles (Belle full) increased by 7.66% to sell for an average
of N3.513 while a carton of Hungry man-size Indomie noodles currently
sells for an average of N3,338.
Items
that witnessed price decrease
·
The price of a 50kg bag of
Royal Stallion rice decreased by 3.4% to sell for an average of N24,500
compared to an initial average of N25,375.
·
A 50kg bag of Caprice also
declined by 2.5% in price to sell for an average of N24,500 as against an
initial average of N25,125. The price of Mama’s Pride rice dipped by 4.2%
to sell for an average of N22,625.
·
A big sized tuber of
yam that was initially sold for an average of N1,000 now sells for an
average of N900 indicating a decline in price by 10%.
·
Also, the price of a
medium-sized tuber of yam also reduced by 4.3% to sell for an average of
N563.
- The
price of an 80kg bag of garri (Ijebu) decreased marginally by
1.7% to sell for an average of N14,125 as against an initial average of
N14,375.
- A
big basket of Irish potatoes now sells for an average of N15,500 compared
to an initial average of N17,000 recorded two weeks ago. This represents
an 8.8% decrease in price.
- The
price of a big bag of yellow maize reduced by 7.6% to sell for an average
of N22,750 while white maize of the same size sells for an average of
N23,375.
- A
big bag of melon now sells for an average of N43,000 representing a
marginal decline from an initial average of N43,500 recorded in the
previous report.
- The price
of a big bag of dry onions reduced by 24.2% to sell for an average of
N12,500 compared to an initial average of N16,500, while a bag of new
onion currently sells for an average of N10,500.
Items
that maintained initial prices
·
A big bag of bush mango
seed (Ogbono) continues to sell for an average of N120,000, the same as
recorded two weeks ago.
·
A big basket of sweet
potatoes sells for an average of N6,500, the same as recorded in the previous
report.
·
Also, the small basket and the
smallest size basket of sweet potatoes still sell for an average of
N725 and N350 respectively.
- A 50kg bag
of Dangote flour sells for an average of N13,370, Honey well (N13,950),
while Mama Gold sells for an average of N13,850.
- 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.
- Amongst
the list of food items that maintained their initial prices include:
noodles, beverages, cocoa drinks, sugar, water, and juice.
Special
markets/items
·
The price of egg has
been on the increase since December 2020 and has been attributed to the
increasing price of Chicken and their feeds. In a conversation with an egg
supplier at Daleko market, she explained to Nairalytics that the increase in
the price of items used in the making of chicken feeds such as maize, soya
beans has caused the unavoidable increase in the price of chicken, consequently
affecting the cost of eggs.
·
Meanwhile, a visit to
Daleko market in Lagos State revealed that members of the Nigerian Customs
service raided the market and seized bags of foreign rice found in the market.
This was disclosed by our correspondent in the market who preferred to remain
anonymous. She explained that the Custom members came into the market in the
middle of the night and carted with bags of foreign rice found in the market.
- The recent
action by the Nigerian Customs Service to curb illegal smuggling of
foreign-made rice into the country caused a momentary increase in the
price of foreign rice in Lagos markets and as such affected locally made
rice, she explained.
- The price
of local and foreign-made rice have however reduced last week and a bag of
locally produced rice currently sells for an average of N22,625 while a
bag of foreign-made sells for an average of N24,500.
Market
insights
·
The increase in the
price of tomatoes was attributed to seasonal fluctuations. According to Mrs
Salako a trader at Mile-12 market, she explained that “normally the price of
tomatoes always spikes during raining season, and it is not a surprise to see
the price go up as it has began to rain in most parts of Nigeria.”
·
The increase in the
price of tomatoes and pepper came on the back similar increases recorded in the
month of February when scarcity of the food item hit various markets in Lagos
State as a result of the Northern traders embarking on strike action.
- According
to Mr. Lanre a tomatoes seller at the Mile 12 market
in Lagos, he explained that the fresh food items were not transported into
the market during this period. “we were not able to receive fresh tomatoes
in February, because the union insisted that they will not bring in
new products to the south, due to report of killings associated to
Yoruba and Fulani herdsman”, He explained.
- He
also explained that a truck transporting goods from the north was
destroyed and burnt down Sometime in the month of February, which further
instigated the union to embark on strike action and deprive the South of
food items. It is worth noting that the issue has been resolved and
business has resumed to normal.
- The
increase in the price of crayfish was attributed to fluctuations
due to seasonality. According to KC, a trader at Mile-12 market, he
explained to Nairalytics that crayfish is currently scarce in
the market as a result of the dry weather but hopes the price
will normalize in the coming weeks as we enter into raining
season.
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