Respite comes to Nigerians as prices of some staple food items decrease steadily in key markets across the country. Food prices had remained high in previous months impacting consumers’ already shrunk disposable income and contributing to the daily woes they experience based on the state of the economy.
BrandSpur Ng’s current food market index, an analysis of market prices in Lagos, Oyo, Delta, Enugu, and Kano – a representation of the 6 geopolitical zones in the country was compiled from the 9th of November 2017 to the 9th of December 2017.
Key Highlights
- Price of rice decreased slightly in the South West (-3%) and North (-1) but increased marginally in the South-South (+5%) and South East (+2%).
- The market in Oyo State has the most stable price range among the markets visited all over the country.
- The price of onion decreased in all markets asides Lagos – with Kano having the least price, however, 100kg of onion in Oyo State sells for almost 3 times the Kano price, and about 2 times the Kano price in Lagos and Delta.
- The price of palm remains on the high especially in Enugu and Lagos, as it index 110% in the current period
| Commodity | November Index | December Index |
|---|---|---|
| Drum Beans (Olotu) | 101 | 97 |
| Garri (White) | 99 | 98 |
| Groundnut (Edible) | 105 | 96 |
| Maize (White) | 100 | 94 |
| Onion (Violet) | 97 | |
| Palm oil (Red) | 101 | 110 |
| Rice (Imported) | 105 | 104 |
| Sorghum (Red) | 95 | 102 |
| Soya Beans | 108 | 104 |
The recent decline is connected to the harvest season due to the favorable weather conditions (Rain). Also, the stable exchange rate and fuel price have also aided price stability.
The full report includes the analysis of the markets surveyed as well as detailed information on the food items covered plus other market intelligence and insight. If you need the full report in power point or excel?
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