Wednesday, December 8, 2021

Price of egg, cooking gas, beans surges to record high, as inflationary pressure piles-up

The prices of major staple food items surged to record high across major markets in Lagos State. Notably, the price of pasta, cooking gas, beans, egg, and onions all recorded a significant spike in October compared to the previous month.

This is according to the latest market survey, carried out by Nairametrics Research – the research arm of Nairametrics.

Nairametrics Research visited notable markets in Lagos State, and it environs to obtain first-hand information on the prices of food items and the possible cause for the incessant increase while also taking account of their reactions. This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and market insights

A summary of events

A 12.5kg cylinder of cooking gas that was initially sold for an average of N6,250 last month, now sells for an average of N8,333, representing a month-on-month increase of 33.3% in price. Also, a big bag of brown beans increased by 11.4% to sell for an average of N97,500.

The price of food items continues to increase by the day, largely attributed to seasonal fluctuations and the general increase in the price of goods and services in the country. While some traders blamed it on government policies, others have attributed it to insecurity, bad roads amongst other social and infrastructural problems.

Items that increased in price

  • The price of a big of new onions increased by 35.7% to sell for an average of N44,333 compared to an average of N32,667 recorded in the previous month.
  • Similarly, a big bag of dry onions now sells for an average of N57,667, representing a month-on-month increase of 21.8% in price.
  • A carton of frozen chicken now sells for an average of N17,750, which is 7.6% higher than N16,500 recorded in the previous month.
  • Also, the price of nylon of crayfish increased by 24.7% to sell for an average of N15,167 compared to an initial average of N12,167.
  • A 5kg pack of Dangote pasta increased by 10.7% to sell for an average of N5,950 compared to N5,375 recorded in the previous month.
  • A 10kg bag of Mama Gold rice rose from N5,375 to sell for an average of N6,100. This represents a 13.5% increase in price compared to September 2021.
  • The price of a crate of eggs has surged to sell for an average of N1,800 compared to an initial average of N1,700 recorded in the previous month.

Other items that recorded increase in price include; yam, noodles, and beverages.

Items that reduced in price

While the price of most food items recorded significant increases in the review period, the prices of some food items declined.

  • The price of a big bag of melon reduced by 9.5% to sell for an average of N95,000 compared to the previous month.
  • A big basket of a round-shaped tomatoes recorded a marginal decrease in price to sell for an average of N17,167.
  • The price of a medium-sized basket of pepper also dipped by 11.1% to sell for an average of N4,000.
  • The price of Ijebu garri reduced by 27.3% to sell for an average of N15,000 compared to N20,625 recorded in the previous month

What NBS data is saying

The National Bureau of Statistics (NBS) released inflation figures last week, which shows that Nigeria’s food inflation rate dropped to 19.57% in September 2021, compared to 20.3% recorded in the previous month. However, on a month on month basis the food index rose by 1.26% compared to the previous month.

According to the statistical bureau, the rise in the food index was caused by increases in the price of oil and fats, bread and cereals, coffee, tea and cocoa, potatoes, yam, and other tubers, cheese as well as egg.

Notably, the price of white beans increased 62.04% year-on-year in the month of September, while brown beans also surged by 57.4% in the review period. Similarly, the price of a bottle of palm oil and frozen Titus fish increased by 40.41% and 38.12% year-on-year respectively.

 

We would like to keep you updated with special notifications.