Survey Shows New Prices of Indomie, Sugar, Rice, Beans, Other Food Items As Sellers Reduce Prices

Survey Shows New Prices of Indomie, Sugar, Rice, Beans, Other Food Items As Sellers Reduce Prices

  • A new survey has revealed a noticeable reduction in the prices of food items, including the popular instant noodle brand Indomie
  • The new food prices offer a potential ray of hope for already financially strained Nigerian households
  • Nigerians will be hoping for more good news in the coming months ahead, especially on staple foods

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

In recent months, Nigerians have been battling with the high cost of goods and services following the removal of fuel subsidy.

Essential food items have become almost out of reach for many households, which has led to various protests across the country.

Food prices in Nigeria
Survey shows food prices has reduced Photo credit: Kola Sulaimon
Source: Getty Images

In its January consumer price report, the National Bureau of Statistics revealed that the food inflation rate rose to 35.41% year-on-year, marking the highest level of food inflation in history and highlighting the challenges Nigerians have faced in recent months.

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Food item prices drop

However, ThisDay reports that the prices of essential food items across various markets have dropped in the past week.

The report noted that a survey was carried out, and food items such as Indomie, sugar, rice, beans, semo, spaghetti, and macaroni have decreased in price.

Here is a breakdown of the price changes based on the market survey.

ItemPrevious pricePresent price
40-pack carton of Indomie Regular Chicken 70g:N10,650N8,900
Indomie Standard Pack 100gN15,000N12,300
40-pack carton of Indomie Super Pack Chicken Flavor 120gN17,950N14,700
BUA Sugar 50kg N88,000N84,000
Dangote Sugar 50kg:N88,000N86,000
Stallion Long Grain Rice: N88,000N86,000
Short Grain RiceN80,000 N78,000
HoneybeansN78,000N75,000
Brown Beans (32 pints)N165,000N155,000

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Cement prices finally reduce

Earlier, Legit.ng also reported that Nigerian cement makers, including Dangote Cement, recorded a combined revenue increase in 2023.

The increased revenue reflects the rise in construction activities and the increase in cement prices from the previous year.

There is also good news on the customers' side, as traders have decided to reduce cement prices in some Northern states.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.