Survey Shows New Prices of Indomie, Sugar, Rice, Beans, Other Food Items As Sellers Reduce Prices
- A new survey has revealed a noticeable reduction in the prices of food items, including the popular instant noodle brand Indomie
- The new food prices offer a potential ray of hope for already financially strained Nigerian households
- Nigerians will be hoping for more good news in the coming months ahead, especially on staple foods
PAY ATTENTION: The 2024 Business Leaders Awards Present Entrepreneurs that Change Nigeria for the Better. Check out their Stories!
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
In recent months, Nigerians have been battling with the high cost of goods and services following the removal of fuel subsidy.
Essential food items have become almost out of reach for many households, which has led to various protests across the country.
Source: Getty Images
In its January consumer price report, the National Bureau of Statistics revealed that the food inflation rate rose to 35.41% year-on-year, marking the highest level of food inflation in history and highlighting the challenges Nigerians have faced in recent months.
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
Food item prices drop
However, ThisDay reports that the prices of essential food items across various markets have dropped in the past week.
The report noted that a survey was carried out, and food items such as Indomie, sugar, rice, beans, semo, spaghetti, and macaroni have decreased in price.
Here is a breakdown of the price changes based on the market survey.
Item | Previous price | Present price |
40-pack carton of Indomie Regular Chicken 70g: | N10,650 | N8,900 |
Indomie Standard Pack 100g | N15,000 | N12,300 |
40-pack carton of Indomie Super Pack Chicken Flavor 120g | N17,950 | N14,700 |
BUA Sugar 50kg | N88,000 | N84,000 |
Dangote Sugar 50kg: | N88,000 | N86,000 |
Stallion Long Grain Rice: | N88,000 | N86,000 |
Short Grain Rice | N80,000 | N78,000 |
Honeybeans | N78,000 | N75,000 |
Brown Beans (32 pints) | N165,000 | N155,000 |
Cement prices finally reduce
Earlier, Legit.ng also reported that Nigerian cement makers, including Dangote Cement, recorded a combined revenue increase in 2023.
The increased revenue reflects the rise in construction activities and the increase in cement prices from the previous year.
There is also good news on the customers' side, as traders have decided to reduce cement prices in some Northern states.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
