Food Prices will continue to drop, Market survey reveals

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A recent market survey conducted in Lagos and other major cities has shown that food prices have continued to decline. As of last week, a 50kg bag of long-grain foreign rice was selling for between ₦82,000 and ₦85,000, depending on the brand, at various markets in Lagos, including Ogba, Ile-Epo, and Iddo.

This represents a significant drop from the same period last year, when the same rice sold for between N95,000 and N100,000. Similarly, the price of imported short-grain rice has also decreased, with a 50kg bag now selling for between N65,000 and N67,000, down from N80,000 to N90,000.

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Local parboiled rice, which was previously selling for between N90,000 and N100,000, is now available for around N89,000, depending on the source. Yam prices have also dropped, with a tuber now selling for ₦3,000, down from ₦7,000 during the second quarter of last year.

A paint bucket of yellow garri is now selling for ₦3,000, while the white version sells for ₦2,500 in Lagos. In Enugu State, a paint bucket of white garri costs N2,300, while the yellow garri sells for N2,800

The price of beans has also decreased, with a D’Rica cup now selling for between N1,000 and N1,400, depending on the brand. This is a significant drop from the price of ₦2,000 to ₦2,500 recorded earlier in the year.

Other food items that have recorded price drops include millet, guinea corn, soya beans, and wheat. A 4-litre paint bucket of dry yellow corn is now selling for ₦3,000, down from ₦3,500, while a 4-litre paint bucket of fresh groundnut is now selling for ₦7,200, down from ₦7,500.

However, some food items, such as vegetable cooking oil, remain high in price. A 25-litre container of Kings vegetable oil is still selling for N82,000, while Terra oil of the same size is selling for N80,000.

“The drop in price of beans, yam, and garri is a big relief for Nigerians, especially for low-income earners,” said Chinwe Okezie, a resident of Ikosi-Ketu, Lagos. “But the prices still need to come down to levels they were before subsidy removal, and it should not just be on some food items alone but on all the food products.”

Titilayo Adewunmi, a mother of four and a secondary school teacher, also welcomed the price drop. “The recent drop in beans and garri prices is a big relief for my family,” she said. “The price decline has ensured we eat better now than before

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