The latest household survey carried out by Nairametrics Research has shown a sudden spike in the prices of locally made palm oil. According to data gathered from various markets, a 25-litregallon of palm oil which was initially sold for an average price of N8,825 is now being sold for N10,750. This means that the price of palm oil prices rose by 22%.
On the other hand, prices of tomatoes and melon have eased off in the past weeks. Specifically, the research team visited four major markets in Lagos State to gather the prices of essential household commodities, and the report shows that some items recorded a significant decline, while others slightly increased.
A decline in prices: According to the survey, there was a decline in household items such as Royal Stallion rice (50kg rice), Mama’s Pride local rice, Golden Penny noodles, Baskets of potatoes, Irish potatoes, groundnut oil (25 Litres), Plantain, Milo (Tin 900g), and round-shaped tomatoes.
- Tubers of potatoes recorded a significant decrease in price as a big basket of sweet potatoes is now being sold for N4,000, down from the initial N4,500 sold two weeks earlier.
- Also, the price of the biggest basket of Irish potatoes dropped from the initial N20,000 to N15,000, indicating a 25% decrease in price.
- A bunch of bananas, that was sold for an average price of N500 two weeks ago, is now sold for an average price of N463, though Oyingbo market still sells the commodity for N500; thereby maintaining its initial price.
The Prices of tomatoes are gradually easing, according to the latest market survey. A big basket of round tomatoes that was initially sold for N12,000 has again dropped by to N11,000, gradually inching towards its initial cost of N8,000 in the first week of May.
- A medium basket of round tomatoes is now sold for N6,500 as compared to N7,000 for which it was being sold in the first week of July.
- Also, a big basket of oval-shaped tomatoes is being sold for N6,000 while the small basket goes for N1,500.
The graph below shows the trend of the price of the commodity over the past three months as it looks likely to reduce further in the coming weeks.
Rise in other items: Apart from palm oil that recorded a big increase, other items which witnessed a slight increment within the past two weeks include, Basmati rice (5kg), Rice Master & Mama Gold rice (50kg), tubers of yam and cassava flakes (yellow garri). These are slight increases in prices.
The Special Market: Mile 12 market witnessed multitudes of customers converging, as onions were sold cheap. As explained by one of the sellers who chose to remain anonymous:
“When there is large inflow of the commodity into the market, people tend to come in large numbers as it is most likely to be sold for lesser price. However, if the quantity in the market is low, the price tends to increase.”
Data collected shows that a bag of onions was sold for N25,000 during the Ramadan period. However, a bag of onions is now sold for an average of N13,000 in Mile 12 market.
Special item: The price of Melon (Egusi) has fallen drastically in recent weeks. Recall that Nairametrics earlier reported the spike in the prices of melon. Meanwhile, sellers of the item expressed joy and relief as the commodity now sells for an average of N55,000 per bag, as compared to N100,000 for which it was being sold weeks ago. It was revealed that this has improved the sales of the commodity.
Major sellers were interviewed to ascertain the reason for the sudden rise in the price of local palm oil. However, most sellers of the product could not point to a specific factor; they however, called for the Government to intervene in the smooth transportation of goods in order to prevent further price increase.
This is not a good development as stakeholders in palm oil production have, in recent months, lamented the illegal importation of palm oil into the country. This may be partly responsible for the hike being witnessed.
About Nairametrics Food Price Survey: The Nairametrics’ Food Price Watch is a bi-weekly household market survey that covers prices of major food items, with emphasis laid on four (4) major markets in Lagos State: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12.