Legit.ng weekly price check: Traders reveal top 6 goods whose cost price soar by hundred percent

- In recent times, goods in popular Lagos market soars further

- But there are some goods whose cost of purchase has risen drastically and their supply short

- For some traders, the insecurity further led to the rise in the cost price of food items this period

- This week, Legit.ng visited the market to find out goods whose cost price increased by hundred percent

With happenings that cripples the pace of some business activities within the country, food prices continue to soar in major markets across the state.

As insecurity continues to affect the availability and supply of goods in some parts of the country, traders and buyers worry over recent rise in the cost price of goods in the market.

In the market now, some goods are expensive, others-maintained stability in price as few rises further. Some sellers opined that the cost price of goods in some states are a bit affordable while the cost price of some goods in other states that are more populated increased drastically.

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The recent rise in the cost price of most goods in the market relates back to pertinent issues that affects farmers activities, inflate raw materials used in production and affects their supply to some states within the country.

At the market now, the availability of some goods is informed by seasonal factor like planting season/harvest season and weather condition like rainfall; this thereby result to their recent pricing and supply level but for others, insecurity in some parts of the country, inform their cost of purchase.

There is the rise in the cost price of goods but the recent one is the hundred percent rise in the cost price of some goods in the market. Surprisingly, the goods that are expensive in the market now are the goods that traditionally remained cheaper while others skyrocket in previous months.

Goods in the market rise steeply and their availability is questioned daily due to events within the country but the impact of the coronavirus pandemic and high level of insecurity, becomes major issues that poses huge challenge on farmers’ productivity recently.

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At the market now, there is no food item or goods that are relatively low, this is the new normal regarding food prices in most market across the state. Traders at the market informed of availability and affordability of food items in some state within the country but the high cost of transportation fare has led to the rise of most goods in the state as well.

This week, Legit.ng visited the market to find out from traders’ goods whose cost price increased by hundred percent; the list below is informed by traders at a popular market in Lagos state.

BEANS

Beans is one food item in the market that have become very expensive in recent time. In fact, some traders informed of serious concern over its availability and supply level lately.

The rise was attributed to insecurity in the northern region of the country as well as the hike in the transportation fare.

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The cost price of beans is one that the buyers did not see coming this year, as it continues to rise daily. This so far has affected the quantity of purchase and traders continue to lament a drop in the purchasing power of buyers.

For some weeks, the cost price was stable but with the recurring attacks in the states wherein they are grown. It is more interesting now as the cost price of beans increased by over hundred percent in the market now.

Prior to this period, a bag of beans (white and brown) cost N50,000 upwards but in recent days, it rises to N78,000 and N80,000 upwards, traders informed.

MELON (EGUSI)

While some buyers struggle with the increment in the cost price of ogbono for several months, there is a twist with that of egusi recently.

Egusi is one foodstuff item that has maintained stability in its cost price for a long while, while ogbono was very expensive in the market, egusi is offered for sale in major markets at reasonable rate.

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In the market now, when you talk of food prices whose cost price increased by hundred percent, foodstuff dealers hinted egusi is added to the list following a drop in the cost price of ogbono.

In previous months, a bag of egusi can be purchased from N43,000, N44,000 and N45,000 upwards. Some even sell below this cost price especially in major markets across the state.

At the market this week, the cost price of egusi is offered for sale from N70,000 upwards, a price that not only affect the quantity of purchase of traders but that of sellers who are disturbed with the recent development.

GARRI

Garri is another item on the list this period, whose cost price increased by hundred percent. Garri offers many health benefits and its loved by all in this part of the country but preferences differ; as some preferred to drink it and others prefer to eat it as swallow (eba).

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The popular food item in the market, garri known also as (cassava flakes) can be gotten from cassava as other food products can be processed from it. As a very important food crop, it serves various food purposes, which contains nutritional values that are great for the body.

The availability and the cost price of this produce is dependent on seasonal factor and farmers activities; traders at the market informed that the weather condition (dry and rainy season), informed its cost price and if the farmers are not in the farmer as at the time they ought to, there will be scarcity of the produce.

For sometime now, the cost price of garri has been unstable; it rises and falls but recently, the cost price increased drastically as some traders opt for a reduced quantity and buyers decry high cost of the item in most market across the state; the presence of few farmers in the farm would result to few quantity supplied to the market.

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Now at the market, garri is still very expensive and the cost price on the high side too. A bag of garri is given at N17,000 upwards and the yellow garri is more expensive than the white. But, the content in the bag of white garri makes it of same price now with the yellow garri.

PALM-OIL

Prior to this period, the cost price of palm-oil (palm kernel oil) in the market is influenced by the quality of the oil; the one whose taste is bad and of low quality, is sold at affordable prices but the one that is well processed and of high quality, is sold at higher rate.

But the rise in the cost of purchase of palm-oil in previous months was due to the impact of the coronavirus pandemic on global economy reflecting in other sectors too. Also, the high cost of materials used in its production led to its increment in the market.

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Now at the market, the rise in palm-oil prices is poised to inflate cost of products and manufacturers using the oil in production of items like lipsticks, soaps, pastries and chocolates as others use the item for cooking from home to the restaurants, hotels and bar.

The cost price of palm-oil has been unstable in recent months and the surge presently is due to the inflating price of goods generally. Before, 25-litre of palm-oil is sold at N17,000 as against its old price of N12,500 and N13,000 upwards. Now, a 25-litre of palm-oil is sold from N18,000 upwards and traders revealed some sell it N19,000 and N20,000 upwards.

YAM

The price of yam, regularly consumed by Nigerians within and outside the country, have continued to increase. As predicted by some experts, the price of food items and foodstuff is rising daily.

In major markets in Lagos state, a tuber of small-sized yam cost N1,000 and N1,300 upwards as against its old price of N300, N400 and N500 while the big-sized yam cost N2,000 upwards. the yam in the market now are very dry and also thin.

Findings at Mile-12 market, where goods like food items and foodstuff items are sold at wholesale prices showed the soaring price of yam. Some traders at the market are oblivious of the price increment as others add to the cost price of the item.

Prior to this period, the cost price increased by 20 percent as it is offered for sale at reasonable prices but now, a tuber of yam is sold is old from N1,000 upwards as five tubers cost N5,000, N6,000 and N6,500 as against its old price of N2,500 and N3,000. For the big-sized yam, five tubers cost N7,000 and N8,000 upwards.

For a good yam, the one that is white outside and on the inside, a 100 tuber of big-sized yam cost N80,000 and a 100 tuber of small-sized yam cost N75,000; depending on the market visited as the higher the quantity of purchase, the lower the cost price.

Due to a decline in soil fertility, pest pressures and the high cost of labour, yam production in the country is declining, same with other goods. This recent change in the cost price of yam, has become a pain on the part of the traders as well as the buyers, which they say is affecting their business and patronage level.

POTATO (SWEET POTATO AND IRISH POTATO)

Another item whose cost price inctreased by hundred percent, is the tuber crop, potato (sweet potato and Irish potatoes). Both have gone up in markets across the state. Following the increment in the cost price of goods in the market, potato is no exception in recent days.

Traders attribute the hike in the cost price of the item to seasonal factors. At the market, potatoes on display are often very small, dry and tiny while the ones that are big in size are fresh and display in few quantities but are very expensive.

Irish potatoes are sold from N500 upwards as against its old price of N200 while sweet potatoes that cost N100 before, now sells from N200, and the ones that cost N200 in previous months now sell from N500.

The agricultural produce is offered for sale at the market now at exorbitant prices, a bag is sold from N15,000, N16,000, and N17,000 upwards as against its old price of N9,000 and N10,000. This price varies, depending on the size of the bag, the size of the potato and the market visited. And for Irish potato, its cost price increased from N25,000 per bag to N35,000 anf N40,000 upwards per bag.

Still at the same market, perishable goods, provisional items and frozen foods are expensive but their cost price did not rise up to hundred percent. For tomatoes and pepper, they are expensive due to seasonal factors as informed by the sellers same with onion.

A basket of tomatoes that cost N5,000 in previous weeks have risen to N10,000 upwards for the watery tomatoes while the Hausa tomatoes is sold from N15,000 upwards as against its old price of N8,000 and N10,000 respectively as a bag of pepper and onion is sold from N10,000 and N12,000 upwards.

It would be important to note that the cost price of goods in the market now is high compared to the previous year; this affected the quantity of purchase for traders who buy and resell while buyers, their purchasing power dropped.

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Source: Legit.ng