Prices of major household items such as vegetable oil, tomatoes, pepper, rice and several others have once again spiked across major markets. This is according to the latest household market survey carried out by Nairametrics Research.
The latest household survey conducted by Nairametrics Research Team, revealed that Nigerians may be in for a sustained challenging time due to COVID-19 pandemic as major markets across Lagos state have been hit with low patronage, low sales and rising prices.
Prices of major household items such as vegetable oil, tomatoes, pepper, rice and several others have once again spiked across major markets. This is according to the latest household market survey carried out by Nairametrics Research.
READ>>> Importation of foreign goods dangerous to Africa’s economy, says leader of Africa’s first Economic War
The latest household survey conducted by Nairametrics Research Team, revealed that Nigerians may be in for a sustained challenging time due to COVID-19 pandemic as major markets across Lagos state have been hit with low patronage, low sales and rising prices.
Key Highlights
A medium-sized bag of pepper that was initially sold for an average of N8,000 in June has now increased by 20% to sell for an average of N10,000. Also, a big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 now sells for an average of N10,000.
Explore Economic Research Data From Nairametrics on Nairalytics
The team also found that 25 litres gallon of vegetable oil increased by 4.01% from an initial average of N12,575 to an average of N13,100. Surprisingly, the price of onions increased in the past weeks as a big bag of dry onions now sells for an average of N17,000 from an initial drop reported in June.
The report detailed items that recorded an increase in price, items that decreased in price, items that maintained initial prices, special markets and key insights.
Items that witnessed price increase
Some of the items that recorded an increase in price compared to last month include;
- A big bag of dry onions now sells for an average of N17,000, indicating a 2.94% increase compared to an average of N16,500 recorded a fortnight ago.
- The big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 increased by 15% to sell for an average of N10,000.
- A small basket of oval-shaped tomatoes recorded a 13.3% increase to sell for an average of N7,500 compared to N6,500 recorded last month.
- The price of a bag of 50kg Mama Gold rice increased marginally by 1.17% to sell for an average of N21,375
- Mama’s Pride rice (50kg) also increased marginally by 0.59% to sell for an average of N21,125.
- A 50kg bag of Foreign rice now sells for an average of N28,500 compared to an initial average of N27,500 indicating a 3.51% increase in price.
- A big bag of melon increased by 15.38% to sell for an average of N39,000 compared to N33,000 recorded in June 2020.
- The price of a big bag Bush mango seed (Ogbono) currently sells for an average of N75,000. This is a 9.33% increase compared to N68,000 recorded two weeks ago.
- 1 loaf of Butterfield bread increased by 5.7% as it now sells for an average of N438 compared to an initial average of N413.
- A 5kg cylinder of household cooking gas is currently filled across the four markets for an average of N1,400 compared to an initial average N1,375 recorded two weeks ago. This indicates a 1.79% increase.
Items that recorded decrease in price
Despite the increase in the price of most of the items, some items however recorded marginal decrease in price.
- A big tuber of Abuja yam now sells for an average of N838, compared to an initial average of N930, which indicates a 13.4% reduction in price.
- Also, a smaller tuber of yam recorded a 12% reduction in price from an initial average of N700 to an average of N625.
- The price of 1 big Titus fish now sells for an average of N563 compared to an initial average of N575.
Items that maintained initial price
Household items that maintained their initial prices include milk, cocoa beverages, bread, and flour.
- A 400g Peak Powdered (Tin) milk continues to sell for an average of N1,213 while 900g still sells for an average of N2,375.
- A big basket of sweet potatoes still sells for an average of N8,000 while a small basket of the same items continues to sell for an average of 600.
- 5kg of household cooking gas (Refilling) continues to sell for an average of N3,375 while 5kg cylinder is still filled for an average of N1,375.
- A bag of yellow maize still sells for an average of N17,250 while White maize also maintains average of N17,500.
- 500g and 900g Milo Tin still sell for an average of N1,038 and N2,075 respectively across the four markets.
- The price of Kote and Titus fish continues to sell for N563 and 575 respectively.
- A bag of 50kg beans (Oloyin) still sells for an average of N12,750, white beans sells for an average of N21,125 and brown beans sells for an average of N20,625.
Special Markets/Items
- A big nylon of crayfish increased by 15.4% in July to sell for an average of N15,000 compared to N13,000 recorded in June 2020.
- Round shaped tomatoes are yet to be sold in the markets due to the raining season. Meanwhile, oval-shaped tomatoes popularly regarded as Yoruba tomatoes is being sold in the major markets visited in Lagos. However, the price of the oval-shaped tomatoes is high due to the scarcity of the commodity. We found that a big basket is sold for an average of N10,000 while a small basket is sold for an average of N7,500.
- Big sized bag of pepper was not sighted by Nairametrics team at Mile 12 market and traders of the commodity explained that no truck conveying pepper arrived from the north in recent times, and this has forced the price of the limited stock to rise in the last two weeks. A medium-sized bag sells for an average of N10,000 at Mile 12 market.
Market Insights
Sellers at various markets who spoke to Nairametrics research revealed that sales have dipped in recent weeks due to increase in price, traffic situation and alternate opening of the market.
READ>>> Facebook takes down accounts and pages of Trump ally Roger Stone
According to a trader at Daleko market, “sales have dropped significantly in the past month as the price of food items keeps increasing with markets only opening on specific days of the week. I think the increase in price of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day.”
Another trader interviewed at Mushin market by Nairametrics research team explained that, “Our goods are spending more time on display now compared to pre-COVID period, which has affected our turnover in recent times.”
