Relief for traders, households as food prices fall in Lagos markets

The prices of major staple food items across major markets Lagos State experienced a significant decline in February 2025, following months of continuous price surges.

The highest decline was seen in the price of a big bag of onions, which fell sharply by 43.2 per cent, driven by an influx of fresh supplies from major producing states. In addition, price reductions were recorded for egusi (melon), white garri, beans, frozen fish varieties (kote and Titus), a 25-litre gallon of vegetable oil, and yams.

Conversely, some food items witnessed an increase in price due to supply shortages and rising demand from manufacturers of processed food items. These include a big bag of round and oval-shaped tomatoes, 1kg of Honeywell wheat meal, and a packet of Golden Penny pasta.

Mallam Aliyu, an onion seller at Mile 12 Market: “We are happy that onions are finally becoming affordable. We are receiving more onions from Sokoto and Kano, increasing supply. We have been selling at a loss for too long, but now we can make a profit.”

Mrs. Solaja, a consumer at Mushin Market: “Previously, the cost of onions alone took up a huge part of my food budget. Buying a single bulb for N500 was frustrating. Now, I can get the same size for N100.”

READ ALSO: Nigeria’s inflation drops to 24.48% after CPI rebasing

Mrs. Okafor, a frozen food seller at Daleko Market: “The seasonal abundance of Kote and Titus fish has increased supply, making them more affordable. Many customers are happy about this.”

Mr.  Anas, a pepper trader at Mile 12 Market: “Pepper prices fluctuate a lot, but right now, there is a surplus in the market, leading to lower prices.”

Mrs. Balogun, a consumer at Daleko Market: “At first, we thought things were only getting worse, but recently, food prices have been steadily declining. If this trend continues, our income will stretch further without as much financial stress.”

The National Bureau of Statistics (NBS) released its rebased Consumer Price Index (CPI) on February 18, 2025, showing that Nigeria’s headline inflation rate dropped to 24.48 per cent in January 2025.

The food inflation index stood at 26.08 per cent year-on-year (YoY) in January 2025, following the new base year, a decline from 39.84 per cent recorded in December 2024 under the previous base year.

This decrease is attributed to the rebasing of the CPI, which now reflects current inflationary pressures and consumption patterns.

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However, the actual reduction in the prices of some food items also contributed to the drop in food inflation. The survey revealed lower prices for key food items such as pepper, onions, beans, and vegetable oil, among others.

Experts suggest that food inflation may continue to moderate in February, following the observed decline in essential food prices.