The annual Eid-El-Kabir celebration of the Moslem faithful is around the corner, and Nigerians irrespective of faith are ready to join in the festivities, the only snag being rising foods prices.
BusinessHallmark’s market research’s findings revealed rising foods prices in the wake of the celebration.
Meanwhile, traders lamented low patronage and sales.
Our research showed that major food items across main markets in Lagos have continued to rise in price.
Staples such as rice, beans, yam, garri, potatoes, and others, recorded significant jumps in prices when compared to figures obtained two weeks ago.
In the latest survey, a big basket of oval-shaped tomatoes now sells for an average of N12,000, indicating a 20% increase compared to N10,000 recorded two weeks ago. Also, a big basket of sweet potatoes which previously sold at N8,000, jumped by as much as 81.3% to sell for an average of N14,500.
We discovered that some of the items that witnessed sizablerecorded increases in price include:
A big bag of melon seeds (Egusi), which was sold for an average of N39,000, now costs an average of N42,000. This represents a 7.7% increase in price.
The price of a big bag of dry onions now goes for an average of N25,000 compared to an average of N17,000 recorded two weeks ago, thus indicating a 47.1% increase in price.
The price of a big bag of white garri within the last two weeks, increased by 18.4% from an initial average of N11,250 to sell for an average of N13,325.
A bag of yellow garri recorded a 3.1% increase in price as it currently sells for an average of N12,625 when compared to the N12,250 recorded two weeks ago.
A bag of 10kg Mama Gold rice increased by 6.3% to sell for an average of N4,250 compared to N4,000 recorded two weeks ago.
The price of a 50kg bag of rice spiked by 8.8% from N21.375 recorded two weeks ago to sell for an average of N23,250.
A big tuber of yam that was initially sold for an average of N838 now costs an average of N913. This represents a 9% increase in price.
A medium-sized tuber also increased by 24% to sell for an average of N775 as against N625 recorded a fortnight ago.
A big basket of oval-shaped tomatoes now sells for an average of N12,000 at Mile 12 market, an increase of 20% compared to N10,000 recorded two weeks ago.
A bag of yellow maize that was initially sold for an average of N17,250 now sells for an average of N19,667 indicating a 14% increase in price.
Also, a bag of white maize increased by 8.6% to sell for an average of N19,000 from the initial average price of N17,500.
Meanwhile, some items still maintained initial price. A carton of 210g Indomie (Hungry man size) continues to sell for an average of N3,200.
A 305g size of Indomie sells for an average of N2,900.
500g and 900g Milo tins still sell for an average of N1,038 and N2,075 respectively
The prices of Kote and Titus fish continue to go for N563 and 575 respectively.
12.5kg of household cooking gas (refilled) continues to sell for an average of N3,375 while 5kg cylinder is still filled for an average of N1,400.
Bush mango seeds (Ogbono) still sell for N75,000 at Mile 12 market, same as recorded two weeks ago.
A 50kg bag of flour, Honeywell, Mama Gold and Dangote still sell for N11,200, N11,075 and N11,100 respectively.
A 500g packet of pasta (Golden Penny) continue to sell for an average of N4,300, while Dangote pasta sells for an average of N4,125.
One ram seller at Sango Market told this newspaper that:
“As you can see buyers are few and far between. They are not coming. So many problems affect us, the insurgency in the north,zone kidnapping, cattle and ram rustlings .All this has caused us to have limited stock of ram this year compared to last year because there is no much money in the country.
” We are not expecting good profit this year because of low sales and high cost from the North. Some cows here are sold for N250,000, N500,000 and even N1 million depending on the size of the cow.”