Shop Right: Best markets for Food commodities

The National Bureau of Statistics (NBS) has recently released the average prices of food across Nigeria, showing an increase of 2.02 percent from N2,862.14 in November 2024 to N2,920.13 in December 2024. With this report, shoppers are on the lookout for the best markets to buy food commodities at unbeatable prices. This survey is a helpful resource for those looking to save money.

It is essential to avoid shopping at neighborhood markets, as they tend to overprice staple products due to transportation and preservation costs. A survey by Hallmark correspondent indicated that the prices of staples have either remained stable, decreased, or only increased slightly. According to Mr. Anas Abdullahi, a staple food marketer at Iléepo Market, most food prices have actually decreased. For instance, a 50kg basket of tomatoes that cost between ₦27,000 and ₦28,000 last December is now priced between ₦15,000 and ₦16,000—a dramatic decline of approximately 90% since May 2024, when prices peaked at ₦130,000 to ₦150,000.

A familiar pattern is emerging in the market, with farmers and traders citing the seasonal oversupply from January to March as a reason for the price drop. However, it appears that this price decline in staples has not reached neighborhood markets, where a flat plate of tomatoes—equivalent to about nine large tomatoes—sells for ₦1,000, and four pieces for ₦500, which is less than 1kg or even 500g.

Speaking with other marketers, a bucket of pepper in a major market costs ₦3,500, while in neighborhood markets a flat plate goes for ₦1,000 and ₦500. The price of onions is also decreasing; in December 2024, a bag of onions cost ₦250,000 to ₦270,000, but by January 17th, it had decreased to ₦190,000, and currently, a bag costs between ₦120,000 and ₦130,000 at major markets in Lagos, with a pint of onions averaging ₦3,920. However, neighborhood markets are still overpriced, selling four small onions for ₦500.

Similarly, the price of crayfish is following this trend. According to a crayfish trader, Micheal Afamefuna, the price for a bag of crayfish was ₦65,000 in December 2024 but has now dropped to ₦55,000. However, neighborhood markets still sell a De Rica of crayfish—approximately a quarter of a pint—for ₦2,500, compared to ₦2,100 in December.

The price of yam has also decreased. In December 2024, a large tuber was sold for ₦3,500 to ₦4,000, but by January, the price dropped to ₦1,300 for small tubers and ₦2,000 for larger ones. Some neighborhood markets still overprice other commodities like rice and beans, where one De Rica costs ₦1,100 in major markets but is priced at ₦2,000 in neighborhood stores.

While some food commodities are decreasing in price, others have increased or remained stable. For instance, the price of groundnuts rose from ₦210,000 in December 2024 to ₦230,000 in January. A bag of red dried pepper increased from ₦270,000 to ₦300,000 in the same period, while the price of black dried pepper has remained steady at ₦200,000 since December. Additionally, the price for a bag of carrots rose from ₦15,000 to ₦19,000 to ₦20,000 in January.

Regardless of whether staple prices are rising or falling, consumers can save money by following these tips: compare prices across different markets to find the best deals, buy in bulk when possible, shop during off-peak hours to avoid crowds, and do not hesitate to negotiate prices, as this often depends on your bargaining skills. By knowing where and when to shop, consumers can make informed decisions and save on food purchases.