There has been a notable surge in the prices of essential food items across various markets in Lagos State in the past two weeks.
Notably, a carton of Minimie noodles has soared by 102.6%, jumping from N4,350 to N8,800. Similarly, a large bag of melon seeds now commands a price of N270,000, up from N220,000 at the beginning of March. Another example is the Bonita Slim Pasta pack, which has seen a price hike of N200, rising from N995 to N1,195 in the same period.
These findings are part of a comprehensive food market survey by Nairalytics, the research arm of TheWitness.
Despite a strengthening national currency against the US dollar, the upward trajectory of major food item prices persists, further diminishing the purchasing power of the average Nigerian.
This trend is particularly concerning given the significant portion of household budgets allocated to food expenditures.
The National Bureau of Statistics (NBS) has disclosed that Nigeria’s headline inflation rate escalated to 31.70% in February 2024, a rise from the previous month’s 29.90%.
This 1.80% increment is attributed to several factors including the prolonged effects of fuel subsidy removal, which has led to increased expenses in household utilities, transportation, and production.
Additionally, the depreciation of the naira due to market-driven exchange rate policies, the ongoing security challenges affecting food production, the conclusion of the harvest season, and the soaring costs of farm inputs have all contributed to this economic pressure.
Specifically, the news reported by TheWitness highlighted a significant surge in food inflation, which soared to 37.92%, influenced by the escalated average costs of commodities. This marks a substantial 13.57% rise compared to the 24.35% rate of food inflation noted in February 2023.
The month-over-month escalation in food inflation is attributed to the pronounced price increases of bread and cereals, tubers such as potatoes and yams, fish, and beverages like coffee, tea, and cocoa.
Amid soaring costs of food, transportation, and various services, Nigerians have voiced their frustrations in the latest food market survey by TheWitness.
The TheWitness Food Price Watch is a bi-monthly survey that monitors the costs of key food items, focusing on four primary markets in Lagos – Mushin, Daleko, Oyingbo, and Mile 12 markets.
