#BounceFoodPriceReview: Beans Becomes New King In The Food Market
In the Food Kingdom, power changes hands very quickly.
Between May and June, garri was securely on the throne, rising to about 1,200 naira in July from 700 naira per paint bucket in May.
But it was only a matter of time before the king of protein takes the reigns from garri.
A paint bucket of garri now sells for 900 naira - What a turn of fortune!
As at the end of June, Nigeria’s much-loved honey beans sold for between 300 naira and 350 naira per derica but by the end of July, the price has risen to 400 naira.
A paint bucket of honey beans, also rose sharply to 2000 naira from about 1,700 naira it sold between late June and early July.
The olotu and white beans also recorded marginal increase from 300 naira per derica to 350 naira by the end of July.
A food items trader in Lagos Island, Jeremiah who spoke to Bounce News said the spike in the price of beans is a sign that the season for beans is ending.
He said the price will likely remain upward until a new harvest season which commences from September.
The Bounce News food price survey across select markets in Lagos also showed that the price of yam is on the rise even as the new yam floods the market.
Bounce survey showed that an average sized new yam sells between 800 and 900 naira while the old yam has risen to between 1,300 naira and 1,500 naira depending on the size.
Price of rice on the hand remains stable at 300 naira per derica while a paint bucket still sells for 1,500 naira.
On the meat segment, prices remain largely stable. One kilogram of beef still goes for 1,500 naira, one kilogram of chicken, 1,200 naira and 1 kilogram of fish, 1000 naira.
More so, a hand bowl of fresh tomato comprising of at least 7 averaged sized tomatoes still sells for 400 naira.
These trends are not completely surprising as food price index released by the National Bureau of Statistics, NBS for June shows food inflation at 19.91%, up from 19.27% in May.
Although this meant Nigerians are paying more food than they did in the corresponding period of 2016, the inflation statistics also showed a significant improvement in the overall price of goods and services as annual inflation eased for a 5th straight month in June, slowing to 16.10% from 16.25% in May.