Food prices drop across major market as local rice flood market

Latest survey has revealed that the price of local rice has reduced significantly across major markets in Lagos as new brands of locally made rice were sighted in various markets.

Bags of locally-made rice now sell for an average of N19,250 compared to the initial average of N20,750.

The report also showed that 10kg bags of locally produced rice reduced from N4,000 last month to N3,500 last week. The report has items that witnessed decrease in prices, Items that increased in prices, Items that maintained initial prices, special markets accounts and market insights.

A 10kg bag of Mama Gold rice and Rice Master reduced to a uniform price of N3,500 compared to an initial average of N4,000 and N4,250 respectively.

A 50kg bag of Mama Gold rice currently sells for an average of N19,250, a 7.23% reduction compared to an initial average of N20,750. Also, the price of 50kg bags of Caprice reduced to an average of N25,750 compared to an initial average of N26,167.

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A 50kg bag of brown beans (Oloyin) sells for an average of N12,500, a 3.85% reduction compared to N13,000 being sold two weeks ago. While a bag of regular brown beans currently sells for an average of N20,375, a 13.3% reduction in contrast to N23,500 sold in January. A 50kg bag of white beans reduced to an average of N19,875 from an initial average of N21,250.

Among the items that witnessed increase in their prices are yam, locally made groundnut oil, tomatoes and onions among others.

A big tuber of yam now sells for an average of N850 from an initial average of N813, indicating a 4.62% increase within two weeks, while a medium-sized tuber of yam increased by 4.17% to sell for an average of N625.

A 25-litre gallon of local vegetable oil sells for an average of N13,075, an 1.55% increase compared to an initial average of N12,875.

A basket of round shaped tomatoes that enjoyed consistent price reductions in recent weeks witnessed relative price increase as a big basket now sells for an average of N6,500 compared to an initial average of N6,000, representing 8.33% increase.

A medium-sized basket of tomatoes currently sells for N3,800 compared to an initial N3,500 in January.

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Another item that recorded increase in price, despite a run of consistent decrease is onion. A big bag of dry onions currently sells for N22,000 from an initial N20,000. It increased by 10% within two weeks.

Also, a big bag of new onions costs N19,000, a 5.56% increment compared to N18,000 in January.

A rice seller at Daleko market praised the producers of locally made rice, as the volume of stony rice in the various markets has reduced drastically, while also producing rice that could measure up with foreign-made rice in terms of quality.

Some of the new brands of locally made rice sighted in the markets include Famous Rice, Our Rice, JGW New-World Rice and Al-flux Rice, all of which sell within the range of N18,000 and N19,000 while Mai-Nasari rice cost an average of N16,000.