GistReel
With the festive season approaching, food prices in Nigerian markets show mixed trends influenced by supply, demand, and regional harvests.
A market survey this week reveals the latest costs of staples like rice, beans, tomatoes, and other essentials central to holiday celebrations.
Rice Prices Remain High
The price of a 50kg bag of locally milled rice averages between ₦90,000 and ₦95,000, depending on quality and location. Imported rice, now scarce due to import restrictions, sells for ₦100,000 to ₦105,000 per bag. Traders in urban centers such as Lagos, Abuja, and Port Harcourt attribute these high prices to increased transportation costs and rising demand. However, rural areas closer to farms report slightly lower prices.
Significant Drop in Beans Prices
Beans prices have decreased substantially, with a 50kg bag now costing ₦130,000, compared to ₦250,000 earlier. This drop is linked to improved harvests in the northern regions, the country’s primary producers. Retail prices have also fallen, offering relief to households.
Tomatoes and Vegetables See Moderate Changes
Tomatoes, a staple in Nigerian cuisine, now cost between ₦60,000 and ₦65,000 per basket, down from ₦80,000. This reduction results from seasonal harvests in states like Kano and Kaduna.
- Onions: A bag is priced at ₦35,000.
- Rodo Pepper (Scotch Bonnet): Prices have surged to ₦45,000 per bag, up from ₦15,000 earlier this year, due to off-season supply challenges.
Palm Oil Prices Surge
The cost of a 25-litre keg of palm oil has risen sharply, now selling for ₦54,000, compared to ₦37,000 previously. High transportation costs and festive demand are the main drivers.
Spaghetti and Other Staples Become Cheaper
Some staples, such as spaghetti, have seen significant price reductions. A carton of spaghetti now sells for ₦23,000, down from ₦35,000, thanks to improved supply chains and reduced import costs.
Outlook for the Festive Season
The festive season typically triggers increased demand for food, likely causing further price fluctuations in the coming weeks. Traders anticipate slight price hikes for most commodities as Christmas nears. However, improved supplies of beans and tomatoes may help stabilize their prices.
Shopping Tips:
Consumers are advised to buy staples early to avoid potential price increases as the holidays approach. While some items remain expensive, strategic purchasing can help households save during this period.
