Traders Increase Price of Rice, Beans, Eggs Across Markets

• A new report from the Financial Derivatives Company (FDC) has revealed that some key food prices have increased across Nigerian markets
• The price changes were mostly seen in stale foods, while commodities like Garri and tomatoes showed no change
• The National Bureau of Statistics has also released its latest inflation figures, capturing states with the lowest cost of living

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.

Prices of major staple foods in Nigerian markets have recorded mixed adjustments, with traders increasing the cost of rice, beans, and eggs, while the prices of palm oil, vegetable oil, and semovita have dropped.

This is based on the latest domestic commodity price data for July 2025 published by FDC.

According to the data, the price of a 50kg bag of long-grain rice is now sold at N87,000, a 2.35% increase compared to N85,000 in the previous month.

Also, the cost of a 50kg bag of beans (Oloyin) has increased by 6.25%, up from N80,000 to N85,000.

Egg prices also rose, with a crate now selling for N6,000, representing a 9.09% increase from N5,500.

Food prices in Nigerian markets

Some food prices remained unchanged, including the price of a 50kg bag of yellow garri, which stayed at N34,000.

Other items with stable prices include tomatoes (N110,000 per basket), onions (N140,000 per bag), and wheat flour (10kg), which held steady at N12,000.

There is a drop in palm oil, vegetable oil, and semovita prices.

Palm oil recorded the most significant drop, with the price of a 5-litre container falling by 12.5% from N12,000 to N10,500.

Vegetable oil (5 litres) also decreased by 5.41%, selling at N17,500 from N18,500. Semovita (10kg) dropped 6.25% to N15,000, down from N16,000 the previous month.

Snapshot of other prices

• Sugar (50kg) rose by 2.5% to N82,000 from N80,000.
• Pepper (big bag) increased by 3.33%, now N155,000.
• Flour (50kg) declined by 4.41%, down to N65,000 from N68,000.
• New yam prices jumped 50%, with three tubers now selling for N18,000 compared to N12,000 last month.

Food inflation in Nigeria

Earlier, Legit.ng reported that the National Bureau of Statistics has released its latest Consumer Price Index (CPI), which shows that the food inflation rate in June 2025 stood at 21.97% on a year-on-year basis, which was 18.93 percentage points lower than the rate recorded in June 2024 (40.87%).

This significant decline is largely attributed to the change in the base year used for comparison.

On a month-on-month basis, the food inflation rate in June 2025 was 3.25%, an increase of 1.07 percentage points from the 2.19% recorded in May 2025.

This rise is linked to the increase in average prices of items such as dried green peas, fresh pepper, dried white shrimps, crayfish, fresh meat, fresh tomatoes, plantain flour, and ground pepper.

Source: Legit.ng