There is real fear that Nigeria is flirting with inflation, following the decline in the contributions of the Agric sector in the Q2 report released by the National Bureau of Statistics.

Although food inflation is still relatively high at 12.85% in July, prices of food remains largely stable.

This means that the impact of the pastoral conflict that affected the Agricultural sector contribution of the Q2 GDP has not had real impact on prices of food within the period.

Analysts believe the impact could still be felt in the coming quarters but now, Bounce News food price survey across select markets in Lagos mainland reveals a largely stable food market.

Rice

According to the Bounce News survey, the price of rice is receding as 50KG bag which used to cost around 14,500 naira in July, now costs 14,000 naira by the end of August.


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Meanwhile, the price of a small paint bucket measurement of rice goes for 1,300, the same price it had been since April. This is just as the price of derica cup, which is the smallest unit of measurement of the commodity had remained at 250 naira since the beginning of the second quarter.

Garri

In the same vein, the king of staple, Garri is also seeing a dwindling fortune as a 50KG bag of garri which used to sell for 7000 naira in July, now goes for 6,000 naira by the end of August. A paint bucket of Garri has also seen price reduction as it goes from 600 naira in July to 500 naira in August.

Traders told Bounce News, the price of Garri is expected to further plummet in the coming months as cassava harvest season peaks.

Yam

Still on the carbo segment, yam is also seeing a reduction in price as newer yams flood the market following the harvest season. An average tuber of yam which used to go for around 800 naira in July now goes for 600 naira.

The old yam, however continues to go premium as it gets scarcer in the market. An average tuber of an old yam which used to go for between 900 and 1000 naira in July now goes for 1,200 naira in August.

Beans


In the plant protein segment, a paint bucket of the much-loved honey beans still trades at 2,000 naira, while the white and the popular Olotu beans are sold at 1,500 and 1,800 naira per paint respectively.

Chicken



Still on protein, one full chicken goes for 1,200 naira. This is against the 1,300 naira which it sold for since April.


Also, one kilogram of chicken laps will cost you just 1,100 naira compared to 1,200 that it sold for in July.

Red Meat


The case is however different with red meat, where 1 kilogram has added 100 naira to sell for 1,500 compared to the 1,400 it sold in July.

Same applies to fish where a kilogram now goes for 1,200 naira compared to 1,000 naira in March.

Semo

In other segments, 10 kilograms of Semovita and Semolina are still sold at 2,800 and 3,000 naira respectively. They had been at this price since June.  

See full table of the prices below:

 

                              Commodity                                                                                        Price (N) August

                             Rice (50KG) -------------------------------------------------------------------14,000.00

                             Rice (Paint)………………………………………………………………………………..................1,300.00

                             Rice (Derica)………………………………………………………………………….....................250.00

                             Garri (50KG) ………………………………………………………………………………................6,000.00

                             Garri (Paint)………………………………………………………………………………..................500.00

                             Honey Beans (paint)……………………………………………………………………................2,000.00

                             White Beans (paint)…………………………………………………………………….................1,500.00

                             Olotu Beans (Paint)………………………………………………………………………................1,800.00

                             New Yam (1 tuber) …………………………………………………………………………..............600.00

                             Old yam (1 tuber) …………………………………………………………………………................1,200.00

                             Red Meat (1KG) ………………………………………………………………………………...............1,500.00

                             Full Chicken…………………………………………………………………………………….................1,200.00

                             Chicken laps (1KG) …………………………………………………………………………...............1,100.00

                             Fish (Titus 1KG) ………………………………………………………………………………...............1,200.00

                             Semovita (10KG)…………………………………………………………………………….................2,800.00

                             Semolina (10KG) …………………………………………………………………………….................3,000.00

                             Palm oil (5Litres) ………………………………………………………………………………................2,000.00

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