Households to Face More Hardship as Price of Garri Skyrockets to N72,000 Per Bag

• The price of a 100kg bag of garri has reached record prices in markets in Jos, the capital of Plateau State
• Traders of the staple food blame the hike on farmers who deliberately delay processing the products to cause artificial scarcity
• They also lament that the price of the product may rise even further as the rainy season hasn't fully set in

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

Garri, a staple food widely consumed in Nigeria, has reached record prices in Jos, the capital of Plateau State.

Once one of the most affordable food items for Nigerian households, it is now sold at N1,100 per measure and N72,000 per 100kg bag.

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It would be recalled that Legit.ng earlier reported that according to the report released by the National Bureau of Statistics (NBS), Nigeria's inflation rate raced to 33.2% in March, with food inflation hitting 40.01%.

The rising inflation, which has affected the prices of commodities in the markets, puts Nigeria among countries battling high food inflation.

Traders, buyers lament rising garri price

Individuals interviewed by Daily Trust during visits to markets noted that the price of garri has soared to its highest level in decades.

Sellers at the Katako market explained the reasons behind the historic price increase of the commodity in recent times.

Hassan Maigari, a seller, explained that several factors are contributing to the increase in the commodity's price.

He said:

"One is the high demand for garri at the moment because a lot people have resorted to it as substitutes to other varieties of foods that are more expensive. I have been in this business for the past 30 years and I have never experienced this kind of price surge. Today, I sold a bag of 100kg at N72,000.”

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Abdullahi Ibrahim, another Garri seller said:

“Those who sell the product to us in the farms also contribute to the price hike because processors are deliberately delaying processing the product in order to sell at a higher price, which often results in a surge in demand."

Ibrahim further explained that customers are unaware of their challenges, expecting prices to decrease simply because prices of other commodities have dropped.

According to the sellers, the product's price may rise even further as the rainy season hasn't fully set in, typically causing prices to surge.

With schools just resuming and farmers expected to return to their fields soon, the situation may exacerbate the price increase.

Six cheap foods now unaffordable to Nigerians

In related news, Legit.ng had reported that some formerly cheap food items are no longer affordable to average Nigerian homes.

According to a market survey undertaken by Legit.ng, food product prices have doubled in recent months.

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The continuous rise in the costs of these staple foods, alongside other commodities, has reduced the buying capacity of Nigerians, as many find it challenging to meet their daily dietary needs.

Source: Legit.ng