Residents and traders in Lagos, Nigeria’s economic capital have continued to lament over the soaring prices of food items in the state, making life unbearable for them.
A visit to some of the major markets in the state show that prices have jumped more than 50 per cent in the last two weeks.
A big bag of pepper that was sold for an average of N20,000 two weeks ago, has doubled in price to sell for an average of N40,000 across various markets in Lagos State.
According to traders in the market, the significant rise in the price of pepper was attributed to seasonal fluctuations and scarcity of food items.
Similarly, the price of a 50kg bag of Royal Stallion rice (foreign) rose by 22.6 per cent to sell for an average of N34,000 from an average of N27,725 recorded two weeks ago. The major factors attributed to the surge in the price of rice were scarcity and the depreciating exchange rate.
Nigeria’s food inflation rate rose to 20.6 per cent in the month of June 2022 from 19.5 percent recorded in the previous month, a ripple effect from the increase in the energy cost across the country, which led to an uptick in transportation cost and by extension food price increases.
The price of an 800g pack of Dano milk increased by 29.37 per cent to sell for an average of N3,700 compared to N2,860 recorded two weeks ago. Also, a kilo of fish (horse mackerel) that was sold for an average of N1,600 two weeks ago, increased by 25 per cent to sell for an average of N2,000.
A 2kg pack of Honeywell wheat meal rose by 13.21 per cent to sell for an average of N1,200 from N1,060 sold in July.
A big-sized tuber of yam which was previously sold for an average of N2,125, now sells for an average of N2,375, recording a 11.76 per cent increase.