The price of some food commodities in recent weeks has experienced a decrease, while the price of others has skyrocketed over time.
Here are the food commodities in Nigeria this week:
Rice: The price of a 50kg bag of long-grain foreign rice has decreased to approximately ₦82,000–₦85,000, down from ₦95,000–₦100,000 in previous months.
Imported short-grain rice is now priced between ₦65,000 and ₦67,000, a drop from ₦80,000–₦90,000. Local parboiled rice is around ₦89,000, slightly reduced from ₦90,000–₦100,000.
Beans: The cost of beans has declined. In Kaduna State, a 100kg bag of white beans, formerly priced at ₦160,000, now sells for approximately ₦88,000.
Similarly, in Lagos markets, a paint bucket measure of beans has dropped from ₦12,000 to ₦6,500.
Tomatoes: A small basket now sells for ₦4,500, while a larger basket ranges from ₦25,000 to ₦30,000. The high cost is attributed to off-season production, high transportation costs, and post-harvest losses.
Spaghetti: A carton of spaghetti is currently priced between ₦21,000 and ₦22,000.
Palm Oil: The price of palm oil has experienced a reduction. In Benue State, a litre of palm oil, previously priced at ₦2,500, now sells for ₦1,800.
Groundnut Oil: A 25-litre container is currently selling for approximately ₦32,500.
Semovita: The cost of semovita remains relatively stable. A 2.5kg pack is priced at ₦3,700, while a 12kg pack costs ₦12,300.
Beef: 1kg (Boneless) averages at ₦6,000, though prices can differ across markets.
Factors Influencing Food Prices
Inflation: Nigeria’s food inflation rate remains in double digits, affecting affordability.
Fuel Prices: Increased fuel costs have raised transportation expenses for food distribution.
Insecurity in Farming Regions: Banditry and farmer-herder clashes in states like Kaduna, Benue, Zamfara, and Plateau have disrupted agricultural activities.
Seasonal Variations: Off-season farming leads to a reduced supply of perishable goods.
Foreign Exchange Rates: The depreciation of the naira affects imported food items and farm inputs like fertilizers and machinery.
While some food prices have decreased, the overall cost of living remains high due to persistent inflation and other economic factors. Consumers are advised to plan their purchases carefully and consider bulk buying to mitigate costs.
