Food prices rise by 15% – Investigation

The food prices across the country has gone up by 15 percent making it difficult for many Nigerians to afford what they ordinarily should.
Few days before the commencement of Ramadan, findings revealed that the prices of foodstuffs and other essential commodities had increased in most major markets across the country. In some major markets in Lagos, our checks revealed that the prices of rice, beans, fruits, and beverages had gone up by about 15 per cent.
The survey revealed that prices of commodities such as rice, beans, yam, potatoes, sugar and vegetable oil, fruits, melon, beverages that are in high demand during the Ramadan period had shot up, when compared to their market prices three weeks earlier.
Traders attributed some of the reasons for the hike in price to the Ramadan fast, heavy rain in the North, and high cost of transportation, among others.
Further observations indicated that two factors were responsible for the increase in prices during the month of Ramadan. The first is the high demand of the commodities, which usually leads to their scarcity and thus the price increases. The second factor is the fact that some of the commodities, especially the farm produce, are not in their harvest season; therefore, the only available ones are hoarded for the purpose of profit maximisation.
According to investigations, while a 40kg basket of tomatoes that costs N16,000 in April now goes for N30,000, a 50kg basket of chilli pepper increased from N12,000 to N16,000, while a basket of ‘tatashe’ pepper’s rose from N13,000 to N17,000.
A jute bag of onions, which was previously sold for N18, 000 now costs N22, 000. In the same vein, a 100kg bag of beans rose from N34, 500 to N38, 000. While a 50kg bag of rice ranges between N13, 000 and 17,000 depending on the brand.
In the same vein, the price of a 100kg of maize ranges between N15, 000 and N19, 000, and a paint measure of garri increased to N400, up from N350; and a crate of eggs, which previously sold for N800, increased to N1000.
Some of the traders, who spoke to The Point in separate interviews, said they had started witnessing increase in prices of some commodities, few weeks to the commencement of Ramadan fasting.
A beans seller at Ketu Market, Lagos, Mr. Isaac Chinozo, said that the Ramadan season is a factor that contributed to the increase in the price of beans, which rose from N34, 000 to N38, 000.
Malam Halilu, a yam seller, said, “Yam is a seasonal produce and as you know, this is dry season; it is not its harvesting season. So the price is actually going up as it is becoming a bit scarce in the
market.
“A tuber of yam that was sold at N500 three weeks ago is now N600. The one sold at N800 is now N1, 000 and it is still rising because it is also hoarded and only those who have enough capital can store it for this period, for the purpose of making profit.”