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Scarcity of foreign rice hits Lagos markets

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The price of foreign-made rice has surged across major markets in Lagos State as traders lament scarcity of the highly in-demand food item rising by 11% to sell for an average of N32,500 in March 2022.

Similarly, the price of vegetable oil, beans, tomatoes, and filling of cooking gas surged in the month of February compared to the previous month. A 25 litres gallon of vegetable oil, which was sold for an average of N25,000 in the previous month has increased by 30% to sell for an average of N32,500.

On the other hand, a 50kg bag of local short seed rice now sells for an average of N25,375, compared to an initial average of N30,750. This represents a price decrease of 17% compared to the previous month.

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Meanwhile, it is worth noting that traders did not attribute the increase in the price of food items to the scarcity of fuel, as it seems the increase in transportation cost has not fully reflected in the cost of food items in Lagos State.

The inflation report released by the National Bureau of Statistics (NBS), shows that the consumer price index, (CPI) in February 2022, increased by 15.70% on a year-on-year basis, representing a 0.1% uptick compared to 15.6% recorded in the previous month.

On the other hand, the food price index rose by 17.11% year-on-year in February 2022, representing a decline compared to the 17.13% incremental rate recorded in January 2022. According to the NBS, the increase in the food index was attributed to a surge in the prices of bread and cereals.

Other food items, which contributed to the uptick in the index include, yam and other tubers, oils and fats, and fruit. Similarly, on a month-on-month basis, the food sub-index increased by 1.87% in February 2022.

Some traders expressed concern over the high prices of foodstuffs and cooking gas, urging the government to act fast in order to curb the level of hardship of the people.

According to Mrs. Ayoola, a trader at Daleko Market selling groundnut and palm oil, she lamented about the current state of food prices and how the significant surge in prices has eroded the purchasing power of traders and consumers alike.

“The amount we used in buying 20 gallons of groundnut earlier in the year, is now only worth 10 gallons and even lower, thereby affecting our ability to stock goods and make profit,” she said.

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