Legit.ng weekly price check: Top 8 goods whose prices rose further in Lagos market

- Insecurity continues to affect food prices in markets across the country

- At a popular market in Lagos this week, a comparative analysis on some specific goods was carried out

- The traders in a chat with Legit.ng gave a hint on price variations of goods from the beginning of the year and now

The escalating security issues in the country continues to affect food prices, its supply and availability in markets across the country.

The rising prices of goods in the market daily, affects business activities in general; thereby leading to drop in the purchasing power of buyers as demand for items dropped.

In recent times, the inflating prices of goods bothers not only the existence of businesses but on the sustenance as well. Following certain insecurity reports daily, some business owners and their businesses are threatened daily.

The situation has been described by many as disturbing, one that threatens cash flow of traders and resources of consumers on the long run.

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The coronavirus pandemic did not only change the global economy but also brought in the new way of doing business at home and abroad. The impact on the nation’s economy is still felt for over a year now. The grappling economy according to traders affects buyers’ quantity of purchase and mode of purchase.

Meanwhile, the cost price of goods in Nigerian market is not fixed; its rises and never falls especially major goods with high demand. This is why food prices in general now, fluctuates.

Businesses at the start of the year kicked-of in a slow pace as food prices was informed by the border reopening, coronavirus pandemic, seasonal factors, inflation, security issues, high transportation fare, floods and other government policies.

Interestingly, some of the factors listed above still inform the present cost of purchase and the cost price of goods in markets across the country.

This week at the market, Legit.ng carried out an analysis, price comparison on some specific food items from the beginning of the year and now; the traders at the market further gave a hint on the present cost price of the goods listed below.

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ONION

Onion is another item in the market whose cost of purchase was on the rise earlier this year. It was very expensive and scarce in some market within the state. This increment was noticed from the previous year towards the new year.

Onion is one of the most commonly consumed vegetable crops in the world. There is no dish that doesn’t require the use of onions in its preparation.

The increment and scarcity of onions become an interesting topic in the country; some traders revealed it was seasonal and others blamed it on the negative impact of the EndSARS protest in the year 2020.

Onion became the ‘new gold’ due to seasonal factors, insecurity in the northern region of the country, rise in the price of fertilizers and general increment in the cost price of goods.

In months ahead, the cost price of onion rises further and some perishable sellers at the market switched to other goods in the market as the cost of purchase is much more than their cash-in-hand. A bag then was sold from N40,000, N50,000, N80,000, to N85,000 upwards. Some still purchase at a higher rate.

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Later, the cost of purchase dropped and now a bag is offered for sale from N12,000, N15,000 and N20,000 upwards.

PALM-OIL

When you list some items in the market that top buyers list, palm-oil is one of such items as it is very important and as well an essential too, same with groundnut-oil.

At the beginning of the year 2021, the cost price of oil increased from N12,000 to N16,000 while maintaining an increased level of demand in the market.

Months later, the cost price of palm-oil increased in the market as it became very expensive and even scarce. Traders in the market attribute the hike in the price of the item to grappling economy, high cost of raw materials used in the production of the item and the effect of the coronavirus pandemic on the global economy with insecurity issues.

Now a 25-litre of palm-oil is sold from N16,000 and N18,000 upwards and groundnut-oil from N20,000 upwards, for quality ones of reputable brands.

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TABLE WATER AND DRINKS

The new year came with a lot of expectations and hopes but some were dashed by uncertainty in recent times. Obviously, the increment in the cost price of water (sachet and table) and drinks was one item buyers never saw coming.

The increment in the cost price of some items in the market is like a norm but not with that of water and drinks, they are not used to it but are really adjusting with lamentation.

The rise in the cost price of water and drinks was due to the hike in the cost price of the raw materials used in their production informed buy the negative impact of the coronavirus pandemic and the grappling economy.

At the beginning of the year, the cost price of water increased by two percent and it was not really felt by sellers as it was at a reasonable rate even as the cost of purchase of drinks did not rise.

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The increment was a gradual one, according to sellers but in recent times now, the increment was spelt out and the buyers could feel the pain of the sellers too and they adjusted to the new price of water and drinks.

Water and drinks have increased and is still increasing by the day as a bag of sachet water is sold from N200 now as against its old price of N100, N120 and N150. For soft drinks, a carton of carbonated drinks now sells from N1300 as against its old price of N1, 100 and N1,150 now while a carton of malt is sold from N3,700 upwards as a pack of table water is sold from N600 upwards. A can of malt sells from N200 while a bottle water is sold from N100, N150 upwards, depending on the brand and carbonated drinks from N150.

YAM

Yam is one food item that top buyers list in markets within the state and beyond. It is that food item you would find in most buyers’ home as it is an essential too.

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As a great source of fiber, yams are a primary agricultural commodity in west and central Africa, where tubers are planted between February and April and harvested four, five months after depending on the state wherein they are grown and the weather condition.

At the start of the year, a tuber of yam is sold from N400 and N500 but in months after the new year, the cost price of yam rises further due to various factors affecting food prices in the country now.

Now, a tuber of yam in the market, is sold from N600, N800, N900 and N1000 upwards depending on the market visited, the type of yam and the time of visit.

Sellers revealed to our correspondent that the reason for the hike in the cost price of yam is due to its planting season and that it is very scarce as some are going out of season now.

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OGBONO

Ogbono is one foodstuff item that is of high demand in markets across the state. As a popular item in the market, ogbono is a lucrative business in the country. You can purchase ogbono in Badagry, and in states like Rivers, Enugu, Benue and neighbouring countries at affordable prices.

The first month of the year, introduced the cost price of ogbono at a reasonable rate as it was offered for sale from N100,000 upwards. Later, the cost of purchase rises further, as it was sold from N120,000 and N130,000 upwards.

This period, ogbono is very expensive. Ogbono is sold from N150,000 and N160,000 upwards. Traders revealed the increment in its cost of purchase led to the increment in its cost price bringing about a drop in the demand of the item at the market in recent times.

GARRI

Traders at the market revealed to our correspondent that the cost price of garri rises by the end of month.

Earlier this year, the cost of garri was a bit affordable as a bag of garri cost is sold from N11,000, N11,500, N12,000 and N12,500 upwards for both white and yellow.

Some months after the new year, the cost price of garri fluctuates as it rises and fall especially the yellow garri.

Now at the market, white garri is very expensive. A bag of white is sold from N16,000 and N18,000 upwards as a bag of yellow garri sells from N15,000 and below.

RICE

As a major staple food in Nigeria, the cost price of rice fluctuates. At the beginning of the year, the cost price of rice was very affordable and supply level very reasonable; traders reveal this was due to the border reopening towards the end of 2020.

The cost price of rice in the new year was sold from N26,000 a drop from its previous cost price N28,000 while the local rice is sold from N24,000 and N25,000.

The cost price of rice is not fixed due to government policies and foreign exchange rate for foreign rice. Months later, the cost price of rice fluctuates further. But in the market now, foreign rice dropped a bit as a bag of foreign rice, the long grain is sold from N26,000 as against its old price of N27,000 while the bag of foreign rice short grain is sold from N23,000 upwards.

But the local rice, that was sold from N24,000 and N25,000 before, now cost N23,000 and N22,500. This is the main price from dealers who sell in wholesale price and in major markets across the state. The cost price basically rises and fall, sellers’ informed.

BEANS

At the beginning of the year, the cost price of beans was at a reasonable rate but in months ahead, the cost price rises due to seasonal factors and security issues in the states wherein it is sold.

We have different type of beans but the size of the bag, the content of the bag and the market visited determine its cost of purchase and the market price. In previous months, we see how a bag of oloyin was offered from N18,000 upwards. Weeks after, it was sold from N21,000 upwards.

Now at the market, beans are very expensive. A bag of beans is sold from N45,000, N50,000 and N55,000 upwards, depending on the type either white or brown but for oloyin, a bag is sold from N25,000 upwards.

In recent times, food prices in the market is informed by various factors that either bring about their availability or their scarcity which therefore determines their affordability and supply level.

Still at the market this week, there is a noticeable change in the cost price of goods; there is reduction in the cost price of sweet potato, pepper, and an increment in the cost price of provisional items, tomato, beef, drinks and water.

Interestingly, some goods in the market now are very expensive, others maintained their stable prices and few become very affordable as traders lament low patronage.

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Source: Legit.ng