Cost of living eases as food prices decrese in major markets

• Food prices successful Lagos and different large Nigerian cities person begun to decline, providing alleviation to galore households struggling with inflation
• Staples similar rice, yams, garri, beans, millet, and tomatoes person each seen important terms drops compared to past twelvemonth
• However, immoderate items, including rootlike lipid and semovita, stay costly contempt the wide downward inclination successful nutrient costs

Legit.ng writer Victor Enengedi has implicit a decade's acquisition covering Energy, MSMEs, Banking, Tech and the Economy.

Food prices crossed Lagos and respective large Nigerian cities person been showing signs of gradual decline, bringing a measurement of alleviation to households battling inflation.

A caller marketplace survey reveals that staple nutrient items are present much affordable compared to their highest prices past year.

Nigerians Breathe Sigh of Relief arsenic Food Prices Decline Across Markets Nationwide
Source: UGC

For instance, a 50kg container of long-grain overseas rice, which sold for betwixt N95,000 and N100,000 successful precocious 2024, is present disposable for N82,000 to N85,000, depending connected the marque and location.

Imported short-grain atom has besides seen a reduction, dropping from N80,000–N90,000 to N65,000–N67,000.

Locally produced parboiled atom present goes for astir N89,000, somewhat down from erstwhile highs but inactive importantly much costly than its terms 3 years ago, erstwhile nary of the varieties outgo much than N50,000.

Yam, erstwhile unaffordable for galore families, has besides seen a terms correction. A tuber that outgo arsenic overmuch arsenic N7,000 past twelvemonth present sells for N3,000.

Previously, owed to the crisp summation successful price, vendors had resorted to cutting yam tubers into smaller pieces to marque them affordable.

The fashionable staple, garri, has experienced noticeable terms drops arsenic well. A overgarment bucket of yellowish garri present sells for N3,000 successful Lagos, portion achromatic garri costs astir N2,500.

In Enugu, these prices are somewhat lower. A 60kg container present goes for N37,500 to N45,000, which is little than past year's prices.

Beans, a large macromolecule root for galore Nigerians, experienced an alarming terms surge astir 5 months ago, pushing it disconnected galore families' menus.

A D’Rica cupful that erstwhile outgo betwixt N500 and N800 skyrocketed to N2,000–N2,500, but prices have present eased to N1,000–N1,400 depending connected the variety.

Other staples similar millet, guinea corn, wheat, and soya beans person besides seen marginal terms reductions. Millet present sells for N4,000 per overgarment bucket, down from N4,500; wheat is present N5,000 from N5,500; and soya beans dropped from N6,500 to N6,000.

Corn prices person besides dropped, with yellowish maize reducing from N3,500 to N3,000 and achromatic maize falling to N2,500.

Groundnut prices person seen a flimsy decrease, dropping to N7,200 from N7,500. Tomatoes, which erstwhile reached a highest of N120,000 per basket, person dropped importantly to betwixt N23,000 and N27,000 for a ample crate, depending connected the type.

Nigerians Breathe Sigh of Relief arsenic Food Prices Decline Across Markets Nationwide
Source: Getty Images

Despite these improvements, immoderate items stay costly. A 10kg container of Semovita oregon Semolina sells for N16,000, portion 5kg goes for N8,000.

Vegetable lipid prices stay stubbornly high, with a 25-litre keg of Kings lipid priced astatine N82,000 and Terra lipid astatine N80,000.

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Source: Legit.ng