… Rice N30,000, Tubers Of Yam, N1500
Nigerians especially low income earners are going through tough time due to increase in the prices of staple foods in local markets.
Nigeria, in the past few years experienced the worst kind of inflation, that has resulted into high level of poverty, food crisis and price hike.
The daily increment in the cost price of edible and non-edible products has taken a toll on the finance of consumers and traders; this has therefore created fear amongst citizens who earn less and spend more.
The rising cost price of food items in the market according to traders is attributed to the grappling economy, the foreign exchange rate and insecurity that have impacted food prices.
Even at Mile-12 market, traders’ decry low supply of certain goods in recent times due to insecurity and this has led to scarcity and increment in price.
Seasonal factors affect the availability of certain goods and their supply in the market but this period, it is a different story entirely as goods have become so expensive that traders are worried about stocking their shops in months ahead to avoid being left in the dark.
The problem created by the rising prices of goods and services leading to higher cost of living has become too difficult for the government of Nigeria to solve.
This period, fixed amounts of money buy less quantity of goods and services. The real value of money is drastically reduced thus the purchasing power of consumers are reduced too.
At the market this week, due to the season, there are goods whose cost price are sold at reasonable amount before, but now, they have risen drastically and their supply very low according to traders.
Traders lament that sales have been affected due to the rise in the cost price of major goods resulting to the reduction in the purchasing power of buyers.
Below are list of goods whose cost price have increased exorbitantly. But it is important to note that their cost of purchase were given by traders at a popular market in Lagos state.
The cost price of foreign rice increased significantly following the ban on importation of rice though the seaports and land borders.
So, Nigerians relies solely on smuggled foreign parboiled rice to bridge the gap created by the ban placed by government.
At Mile-12 international market this week, there is an increment in the cost price of rice; foreign and local rice.
Now, a bag of foreign rice sells from N30,000 upwards for the long grain while small grain is sold from N29,000 and below.
But some traders sell below this cost price so as to restock their shop and attract new customers.
For local rice, a bag is sold from N25,000 and below, and the ones that are not very neat are sold from 23,500, N22,000 and below.
Prior to this week, a bag of foreign rice cost N26,000 and N27,000, while a bag of local rice is sold from N24,000 and N23,000 and below.
As it stands, traders revealed the cost of purchase of rice would go higher if nothing is done to the foreign exchange rate that is currently higher than the nation’s currency. This week, the cost price of rice remains stable.
A derica of beans now sells from N500 upwards in the market. For beans, traders attribute the hike to the rising insecurity in the country and high cost of transportation as well but others are of the opinion that the supply also led to its inflating cost price.
Oloyin beans is packaged in a small sized bags and are sold from N27,000 in previous months but now, they are sold from N30,000 upwards.
Earlier at the market, a bag of beans was sold from N70,000 upwards and some traders insist their cost price is given at N80,000 upwards; but this week at the market, a bag of beans (oloone and olotu) are sold from N100,000 upwards as traders disclosed that the supply is low, adding that the economic situation of the country is another factor affecting the pricing. But a bag of white beans is sold from N75,000.
New yam is sold at an exorbitant price following the rising cost of purchase as informed by sellers. Yam is one item in the market whose cost price increased drastically and according to the traders in the market, the reason is not far-fetched.
This is the season where yams are sold at reasonable prices but the case is different now as yams are very expensive and as it stands in the market now, some traders sell at exorbitant prices because of the scarcity and low supply of the item.
Yams are transported from various part of the country; we have the ones from Abuja, Onitsha, Ilorin to mention but a few. At the market this week, a tuber of big-sized yam is sold from N1,300 and N1,500 upwards and a tuber of small sized yam is sold from N1,000 and N800 downwards.
This in the market makes the item a hotcake as the ones that are appeal to the buyers’ preference are now very expensive.
The traders decry poor sales following a reduction in the purchasing power of buyers so far. The cost price of cooking oil in recent times is higher due to the rise in the general price of goods in the market. Sometimes it reduces and at other times it increases. But the dollar rate affect cooking oil prices in Nigeria especially the branded ones and now, even the refill are sold at a very high rate.
There are different type of cooking oil; the branded ones are often very expensive and the ones that are not branded are a bit affordable. Traders at the market are of the view that the branded ones that are produced locally are more expensive than the ones purchased from neighbouring countries.
Earlier, at the market this week, a 25-litre of good and well processed palm-oil is sold by some traders from N23,000 upwards and some sell from N22,000 upwards and a 25-litre of groundnut-oil sells from N26,000 and N21,000 upwards.