Prices of foodstuff soar in Nigeria

Food Prices in Nigeria have been on upward trajectory as prices of foodstuffs soar by more than 40 percent.

Inflation in Africa’s largest economy and oil producer accelerated to 12.8 percent in March on an annualised basis, the highest since July 2012, from 11.4 percent in February, according to the National Bureau of Statistics (NBS).

Food prices rose 12.7 percent in March from a year ago, compared with 11.4 percent in the previous month, driven up by transportation costs, the planting season and foreign-exchange movements, the statistics agency said.

A recent market survey by BusinessDay on the prices of food items in some selected market in Lagos shows that prices are much higher compared to a month ago, which market sellers attributed to the scarcity of fuel and high transportation cost.

BusinessDay survey at Mile 12 Market shows that a big basket of fresh tomatoes, which went for N17, 000 last month now sells for N28, 000, indicating a 64.7 percent rise.

Findings also show that prices of other staple foods have equally risen. A 50kg bag of garri now goes for N8, 000, as against N5, 500 sold a month ago, showing a 45.5 percent increase.

A basket of fresh pepper has risen 50 percent to N7, 000, from N5, 000 obtained last one month.

Also, a 50kg bag of beans, which was sold for N13, 500 last month, now goes for N15, 000, indicating an 11.1 percent increase. Similarly, a 25litres of palm oil now goes for N7, 800, as against N7, 500 obtained last month, indicating four percent rise.

Bashir Zakari, a tomato seller in Mile 12 market said a basket of tomato now sells between N30, 000 and N35, 000 depending of the size of the basket, as against N2, 800 and N4, 500 obtained a month ago.

“The price of tomato normally goes up by this time of the year, but this year’s increase is higher because of the tomato disease that has affected some farms in the north. It has also been raining excessively in the north and this inhibits the progress of tomatoes,” he added.

Yinka Adegoke, frozen food trader at Ile-Epo market, Abule-Egba, said “a cartoon of Turkey is now N11, 000 from N7, 500, while chicken goes for N9, 500 fromN6, 500 we were buying before.” “I buy fuel to power my deep freezer for my goods,” she said.

She noted that as a result of the increase in the price of frozen food and these additional expenses on power due to the poor power supply across the federation, the final consumers have to pay more.

Staple foods are expected to cost more for the remaining part of the year due to import restriction, which has increased the cost of production for manufacturing firms, and the recent scarcity of petrol that has led to increase in the price of transportation.

Josephine Okojie