Prices of Rice, Tomatoes, Other Food Items Soars as Retailers Struggle With Unpredictable Costs

• Food prices in Lagos markets are fluctuating dramatically, causing confusion and frustration among both consumers and retailers
• A recent survey revealed significant price increases for staples like tomatoes, rice, eggs, and oil, with some items seeing unpredictable hikes in prices
• Retailers and small food vendors are frustrated by the volatility, raising concerns about the long-term impact on both the food sector and consumers

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

Prices of essential food items in Lagos markets continue to fluctuate, causing confusion and frustration among both consumers and retailers.

A recent survey conducted by Daily Trust revealed notable price differences between major markets such as Ajah Ilaje, Sabo Market in Ikorodu, and Mile 12 International Market.

Fluctuating prices in Lagos markets

Key staples like tomatoes, rice, eggs, and cooking oil are seeing significant price increases, with some items experiencing sudden and unpredictable hikes.

At Mile 12 Market, a large basket of tomatoes, for example, now costs between ₦60,000 and ₦70,000, a sharp increase from N25,000 to N40,000 just a week earlier in Ajah Ilaje.

Other food items such as rodo pepper, onions, and rice have also seen notable price surges, with a sack of rodo pepper reaching N150,000, while onions are now priced between N25,000 and N40,000.

The cost of rice remains high, with a 50kg bag of local short grain at N60,000 and foreign long grain rice going for as much as N90,000.

Meanwhile, a 25-litre keg of King’s groundnut oil now sells for N85,000, and garri prices have risen to N45,000 per bag.

Impact on retailers, small food vendors

Small food business operators and retailers are increasingly frustrated by the instability in food prices.

Oluwaseun Egunjobi, the CEO of SDK Grocery, explained that food prices, which were once stable and predictable, are now erratic.

He said:

"Prices are fluctuating—no stable prices for food items."

He noted that the rising cost of food is being driven by various challenges, including inflation, increased transport costs, seasonal shortages, and ongoing disruptions in the supply chain.

Agboola Samiat, a mobile food vendor, echoed these concerns, highlighting the volatility in prices.

She said:

“When it comes to foodstuffs, it’s too volatile. You can get an item for N5,000 today and meet the same item at N10,000 when you go next week.”

The situation has raised alarm about the long-term effects on both the food sector and consumers, who are feeling the strain of continuous price hikes.

BoI launches app to check food prices

Earlier, Legit.ng reported that the Bank of Industry (BOI) has introduced a new app and website aimed at delivering real-time updates on food prices in eight Nigerian states.

The platform provides detailed analytics, enabling users to monitor price trends by brand, quantity, and historical data.

Through this initiative, the bank aims to promote price transparency, assisting Nigerians in making informed purchasing decisions.

Source: Legit.ng