The prices of rice, beans, tomatoes, pepper amongst other staple food items recorded significant increases across major markets in Lagos State, as traders lament the sudden increase in transport costs.
Notably, a 50kg bag of foreign rice increased by 17.58% to sell for an average of N32,775 compared to N27,875 recorded in the previous month. Also, the price of a big bag of white beans that was initially sold for an average of N47,875, now sells for an average of N50,250,
Meanwhile, the recent increase in the price of food items in Lagos State was attributed to the significant hike in transport costs caused by fuel scarcity across the state, seasonal fluctuation as well as supply shortages.
On the other hand, a 50kg bag of ijebu garri dropped to an average of N11,950 as against an average of N17,000, while the price of filling a 12.5kg cylinder of gas decreased by 4.3% to sell for an average of N7,513 compared to N7,850 recorded in the previous month.
The price of a 200g carton of Noodles increased by 24.63% to sell for an average of N4,238 when compared to an initial average of N3,400 recorded in the previous month.
Also, a big basket of tomatoes that was sold for an average of N13,625 in the previous month now sells for an average of N15,250, representing an increase of 11.93%.
A 500g of St’Louis cube sugar also rose by 9.09% to sell for an average of N600 when compared to the initial average of N550 recorded in the previous month.
The traders at the various market attributed the surge in the price of food items to the scarcity of petrol products in most areas of Lagos State, which has caused a significant increase in the cost of transportation.
A cursory glance at the inflation report by the National Bureau of Statistics (NBS), shows that Nigeria’s headline inflation and food inflation rate dropped marginally to 15.6% and 17.13% respectively in January 2022,
According to the report, the 17.13% food inflation rate is attributable to the significant increase in the prices of bread, cereals, food product, potatoes, yam, soft drinks, oil and fats, and fruits.
A further look at the food price report by the apex statistical body, reveals that the price of tomatoes rose by 2.8% month-on-month in January 2022 compared to the previous month.
Along the same line, the price of an onion bulb in Nigeria increased by 5.27% to sell for an average of N368.1 in January 2022.
Also, a loaf of 500g sliced bread in Lagos State increased by 7.35% to sell for an average of N460, while unsliced bread of the same size recorded a month-on-month increase of 6.7% to sell for an average of N405.
Similarly, the price of beef, rice, wheat, yam, chicken, egg, beans amongst others recorded an increase in price in the month of January 2022 compared to the previous month.
It is worth noting that the prices are yet to reflect the effect of the fuel scarcity across the country, especially in Lagos and Abuja, which only started in February 2022.
