Price of yam soars above 60% in two weeks – Survey

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Factual Pursuit of Truth for Progress

 

In Lagos State,the price of yam tuber rose significantly across markets recording a 66.4% price increase in the space of two weeks. Also, the price of Olaola Poundo Yam recorded a 23.7% increase in the period under review.

Prices of Tomatoes yam, Prices of major food items continue to rise in major markets as border closure remains

This is according to the bi-monthly market survey carried out by Nairametrics, which comprises of four major markets in Lagos state namely; Oyingbo, Daleko, Mushin and Mile 12.

According to the report, a big-sized yam tuber initially sold for an average of N1,413 two weeks ago has galloped to an average of N2,350. In the same vein, a medium-sized yam tuber rose from an initial average of N875 to sell at N1,300.

The increase in the price of food items was attributed to the decline in farm labour due to a high level of insecurity, and seasonal fluctuations. continuous spike in the cost of transportation as a result of bad road network and surge in fuel prices.

The traders also highlighted unnecessary payments to touts and union members as contributing factors to the hike.

On the reverse side, the price of a medium-sized bag of pepper dropped by 16.93% to sell for an average of N19,625 compared to N23,625 recorded two weeks ago. Likewise, a 350g refill of Dano milk now sells for an average of N1,400 from an initial average price of N1,700, thereby representing a 17.65% decline in price.

The report contains information on items that witnessed price increases, price decreases, as well as information on special markets, and insights.

A 50kg bag of Royal Stallion rice currently sells for an average of N29,000, rising by 6.42% from an initial average of N27,250 recorded two weeks ago.

The price of a crate of eggs witnessed a 9.8% increase to sell for an average of N2,100 compared to a previous average of N1,913.

Similarly, a small basket of round shaped tomatoes increased by 12.80% to sell for an average of N17,625 against N15,625 recorded as of 6th May 2022 while a big bag of new onions recorded a 10.70% increase to sell for an average of N25,875.

In addition, a 0.9kg of Olaola Poundo Yam flour now sells for an average price of N2,875, indicating a significant increase of 23.66% when compared to the average price of N2,325 recorded two weeks ago.

Also, a kilogram of kote (horse mackerel) fish rose by 14.63% to sell for an average of N1,763. It was initially sold for an average of N1,538.

Other items that witnessed price increases within the two weeks under review, include Semolina, turkey, wheat, bread, sugar etc.
Items that dropped in prices

Despite the increase in the price of notable food items, some food commodities recorded a moderation in price in the period under review.

The price of a 10kg pack of Honeywell wheat meal reduced to sell for an average of N4,875 as against N5,400, indicating a 9.72% drop in price.

An 80kg bag of white beans recorded a decline of 8.78% to sell for an average of N55,825 compared to the initial average of N61,200.

Furthermore, a 500g pack of St’ Loius Sugar now sells for an average of N588 indicating a 7.84%.

The price of Dangote Pasta moderated slightly by 4.33% to sell for an average of N6,625.

The National Bureau of Statistics (NBS) in the previous week released the nation’s consumer price index, which showed that Nigeria’s inflation rate rose to 16.82% in April 2022 as a result of the increase in energy and food prices. This represents the highest rate recorded since August 2021.

On a month-on-month basis also, the headline index increased by 1.76% in April 2022, compared to a 1.74% increase recorded in the previous month.

Most interestingly, the food inflation, which is a closely watched index, rose to 18.37% in the review month, an increase compared to the 17.2% recorded in the preceding month.

According to the NBS, the rise in the food index was caused by increases in the prices of Bread and cereals, Food products, Potatoes, yams and other tubers, Wine, Fish, Meat, and Oils.

Also, the average annual rate of change of the Food sub-index for the twelve-month period ending April 2022 over the previous twelve-month average is 18.88%, 0.34% points from the average

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