Nigerians grapple with higher food prices

The prices of major staple food items continue to trend upward in major markets in Lagos, following the rising cost of goods and services and supply chain disruptions across the globe.

Nigeria is not insulated from the harsh effects of the global economic challenges especially now that inflation has hit the roof at a 17-year high.

One only needs to walk into the local market to feel the harsh effect of the jarring tooth of inflation. For instance, a big bag of pepper that was sold for an average of N25,125 two weeks ago has jumped by 69% to sell for an average of N42,375 across markets in Lagos State.

This is according to the market survey report, carried out by Nairalytics, the research arm of Nairametrics across four major markets in Lagos which comprises Mushin, Daleko, Oyingbo, and Mile 12 Markets.

Similarly, the price of a 400g of Ovaltine refill cocoa beverage rose by 61% to sell for an average of N1,848 from N1,180 recorded two weeks ago. In the same vein, the price of a big bag of ijebu garri went up by 37% to sell for an average of N18,800.

The recent rise in the prices of food items has been attributed to the continuous supply chain disruption in the global market, falling exchange rate, continuous attacks in food-producing regions, cost of operations such as petrol and diesel, amongst others.

But it is not all bad news for foodstuff as a 10kg bag of Royal Stallion rice dropped by 41.7%, to now sell for an average of N6,850 compared to the initial average price of N11,750. Likewise, the price of a kilo of Kote fish (Horse Mackerel) recorded a decline of 20% compared to the previous average price of N2,000, which is now selling for N1,600.

Specifically, the market survey report includes information on food items that recorded price increases, items that decreased in price as well as market insights from traders in the various markets.