The worth of foreign-made rice has surged throughout main markets in Lagos State as merchants lament shortage of the extremely in-demand meals merchandise. Notably, the worth of foreign-made brief seed rice rose by 11% to promote for a mean of N32,500 in March 2022.
That is based on the most recent market survey, carried out throughout 4 main markets in Lagos by Nairalytics, the analysis arm of Nairametrics.
Equally, the worth of vegetable oil, beans, tomatoes, and filling of cooking gasoline surged within the month of February in comparison with the earlier month. A 25 litres gallon of vegetable oil, which was bought for a mean of N25,000 within the earlier month has elevated by 30% to promote for a mean of N32,500.
Alternatively, a 50kg bag of native brief seed rice now sells for a mean of N25,375, in comparison with an preliminary common of N30,750. This represents a worth lower of 17% in comparison with the earlier month.
In the meantime, the present improve within the worth of international brief seed rice has been attributed to shortage and low stock, which has triggered an uptrend within the worth, whereas there’s enough provide of the native substitute available in the market. The merchants defined that customers don’t like consuming the native brief seed rice, regardless of the discount in worth.
The worth of a 5 litre and 25 litre gallons of vegetable oil elevated by 25% and 30 to promote for averages of N7,500 and N32,500 in comparison with N6,000 and N25,000 respectively recorded within the earlier month.
- Additionally, the common value of refilling a 5kg cylinder of cooking gasoline stood at N3,325 in March 2022, representing a month-on-month improve of 11% from the common of N3,000 recorded in February 2022.
- Equally, the price of refilling a 12.5kg cylinder of cooking gasoline rose by 9% to a mean of N8,225 within the month beneath overview from an preliminary common of N7,513.
- On the flip facet, the worth of garri dropped considerably by 24% to promote for a mean of N12,250, in distinction to N16,050 recorded within the earlier month. In the meantime, the worth of maize continues to promote for a mean of N27,000, with expectation for a change in worth within the coming weeks.
- A medium-sized tuber of Abuja yam that was initially bought for a mean of N875 throughout markets in Lagos has dropped by 11% to promote at N775 on the common.
The worth of an enormous bag of dry onions decreased by 32%, promoting for a mean of N22,250 from an preliminary common of N33,500 recorded in February. The crash within the worth of onions was attributed to the large inflow of onions available in the market and seasonal impact.
In the meantime, it’s price noting that merchants didn’t attribute the rise within the worth of meals gadgets to the shortage of gas, because it appears the rise in transportation value has not totally mirrored in the price of meals gadgets in Lagos State.
What NBS information is saying
- The inflation report launched by the Nationwide Bureau of Statistics (NBS), exhibits that the buyer worth index, (CPI) in February 2022, elevated by 15.70% on year-on-year foundation, representing a 0.1% uptick in comparison with 15.6% recorded within the earlier month.
- Alternatively, the meals worth index rose by 17.11% year-on-year in February 2022, representing a decline in comparison with the 17.13% incremental charge recorded in January 2022. In accordance with the NBS, the rise within the meals index was attributed to surge within the costs of bread and cereals.
- Different meals gadgets, which contributed to the uptick within the index embrace, yam and different tubers, oils and fat, and fruit. Equally, on a month-on-month foundation, the meals sub-index elevated by 1.87% in February 2022.
- The worth of tomatoes elevated by 7.1% to promote for a mean of N393.08 versus the N367.01 recorded within the earlier month, whereas wheat flour which was bought for a mean of N974.87 in January is now promoting for a mean of N1,021.7. That is following the surge within the worth of wheat within the international market, triggered by the Russia-Ukraine warfare.
- Consequently, the worth of bread elevated by 4.63% to promote for a mean of N438, in comparison with an preliminary common of N418.65, whereas the worth of candy potatoes elevated by 4.34% to promote for a mean of N227.23.
What they’re saying
Some merchants expressed concern over the excessive costs of foodstuffs and cooking gasoline, urging the federal government to behave quick in an effort to curb the extent of hardship of the individuals.
In accordance with Mrs. Ayoola, a dealer at Daleko Market promoting groundnut and palm oil, she lamented concerning the present state of meals costs and the way the numerous surge in costs has eroded the buying energy of merchants and shoppers alike.
“The quantity we utilized in shopping for 20 gallons of groundnut earlier within the 12 months, is now solely price 10 gallons and even decrease, thereby affecting our capacity to inventory items and make revenue,” she stated.
Mrs Ayoola additionally added that gross sales have dropped considerably as a result of uptick in worth. “Our prospects now have to cut back their demand as a result of drop of their buying energy, which has resulted in little or no buying and selling actions available in the market.”
The worth of onions dropped by 32% in March 2022 in comparison with the earlier month. The downturn was attributed to the seasonality impact as merchants defined that we at the moment are within the season of enormous onion provides, therefore the rationale for the decline in worth.
A well-liked onion dealer at Mile-12 Market, typically known as Final Born informed Nairametrics that there was new inflow of onions available in the market throughout the week, which has resulted in a marginal decline within the worth of the commodity. “In the intervening time, there’s loads onions within the north as a result of its season, which is why we now have massive stock available in the market and decline within the worth.”
When requested if the gas disaster within the nation and improve in the price of transportation has affected the worth of onions, he stated, it’s but to mirror within the worth of onions, explaining that the worth of risky Agric merchandise normally adjustments primarily based on demand and provide. He nonetheless stated that it might nonetheless have an effect on the costs in the long term, if the shortage sustains into the longer term.
In a dialog with a significant rice vendor at Daleko Market, Mrs Oladayo informed Nairametrics that the worth of international brief seed rice rose as a result of shortage, which has pushed a downturn within the worth of native rice and the lengthy grain.
Nevertheless, she defined that customers don’t like patronising the lengthy grains, inflicting low gross sales available in the market. “As you may see, each a part of the market is quiet due to the rise within the worth of the rice that prospects like. There’s hardship within the nation, every little thing is pricey and persons are not shopping for as a lot as they normally do,” she stated.
About Nairametrics Meals Worth Survey
Nairametrics Meals Worth Survey is a bi-monthly family market survey that covers the costs of main meals gadgets in Nigeria, with emphasis on 5 main markets in Lagos – Mushin market, Daleko market, Oyingbo market, Idi-Oro market, and Mile 12 market.