With only a day until Christmas, food commodity prices have rocketed. Commodity price analyses in Ogun, Lagos, and other states show that costs have gone up and that different locations sell goods differently.
Still reeling from the effects of inflation, the Nigerian market, where a large number of people are expected to shop over the Christmas holiday, is stocked with high commodity food prices.
According to a recent National Bureau of Statistics report, the average price of a 1kg onion bulb increased by 32.56 per cent year on year, from N306.07 in October 2021 to N405.72 in October 2022. On a month-to-month basis, it increased by 2.15 per cent to N405.72 in October 2022 from N397.18 in September 2022. On an annual basis, the average cost of 1 kg of local, loose rice increased from N415.03 in October 2021 to N487.47 in October 2022, a 17.45 per cent increase. In October 2022, the average cost of this item increased by 3.40 per cent month over month.
Additionally, the cost of a kilogramme of tomatoes increased on an annual basis by 30.79 per cent, from N347.47 in October 2021 to N454.46 in October 2022. In September 2022, it rises from N445.12 on a monthly basis to 2.10 per cent. On a year-over-year basis, the average price of 1 kg of bean (sold lose) increased from N478.76 in October 2021 to N564.69 in October 2022, an increase of 17.95 per cent.
Furthermore, from N727.21 in October 2021 to N968.76 in October 2022, the average price of Palm oil: (1 bottle) increased by 33.22 per cent from N727.21 in October 2021 to N968.76 in October 2022. It also increased by 4.47 per cent month on month. In the same vein, the average price of Vegetable oil (1 bottle) in October 2022 was N1,106.08, an increase of 33.99 per cent from N825.46 in October 2021. On a month-on-month basis, it rose by 2.81 per cent from N1,075.89 in September 2022.
A visit to markets in Ogun, Lagos, and other states a week before Christmas reveals that a 50kg bag of foreign rice costs N40,000, while a 50kg bag of stone-free local rice costs between N30,000 and N35,000, depending on the brand.
Our reporter discovered that chicken now sells for between N5000 and N8000 in Ogun State and some parts of Lagos, depending on size, while the smallest goat sells for N40,000 and above.
Palm oil in the size of a small bottle of water costs N950, while a large bottle of water costs between N1,850 and N2,200. For onions, the price ranges from N50 to N200 depending on the size of the ball.
While broiler chicken costs between N12, 000 and N14, 000, old layer chicken costs N4,500. For N3600, you can get a crate of large eggs; smaller eggs cost N2800.
A bucket of pepper that was sold for N2,000 and N2,500 is now N3,000. A bucket of tomatoes that was N1,500 is now N2,500. In the same vein, a congo of beans (milk) is now N1,000, while a drum variant of the beans goes for N1,200 now. It used to be sold for N900 per congo. Also, a bag of rice ranges from N35,000 to N40,000, while a congo goes for about N1,300. Also, a five-litre vegetable oil that used to be sold for N7,000, is now N7,500, while a 25-litre keg of the vegetable oil is now between N33,000 and N35,000. It used to be sold for N31,000 or N32,000. A pack of spaghetti has also gone up from N7,900 to N8,700.
While consumers bemoan the cost of food, it was also noted that the price of kerosene, which is frequently used by households in Ogun State, varied. The price of five litres ranges from N5000 to N5100.
The North-Central recorded the highest average retail price for refilling a 5 kg cylinder of liquefied petroleum gas (cooking gas) with N4,852.74, followed by the North-East with N4,606.80, and the South-East recorded the lowest with N4,357.18, according to the NBS report.
From N4,483.75 in October 2022 to N4,549.14 in November 2022, the average retail price for refilling a 5kg cylinder of liquefied petroleum gas (cooking gas) increased by 1.46 per cent on a monthly basis. This increased by 37.34 per cent year over year from N3,312.42 in November 2021. According to an analysis of state profiles, Niger had the highest average cost to refill a 5 kg cylinder of liquefied petroleum gas (cooking gas), at N4,983.33. Kwara was second, at N4,963.33, and Adamawa was third, at N4,960.00. The lowest price was recorded by Abia, however, at N4,125. Abia was followed by Delta and Anambra in that order, with N4,202.78 and N4,204.17, respectively.
The constant rise in food prices, according to a caterer Mrs. Esther Allswell, is hurting their profits.
She said, “The high cost of food items has had an impact on our business. We are unsure of how to subtract our profits. If you are accustomed to using a certain measure when cooking, you cannot start changing it on a whim just because the cost has changed. If you are already used to a particular measure when cooking, you cannot suddenly begin to change it because of the change in price.”
“These are the challenges we are facing.”
