– The prices of foodstuffs and other essential commodities have escalated in most markets across the state
– At Iyana- Ipaja market, ZENITHBLOG.com gathered that that the prices of foodstuffs and other essential commodities, such as fruits, vegetables, eggs and beverages that are in high demand continues to rise
– A market survey by this medium showed that some of the available commodities in the markets have had their prices jacked up including those cultivated locally in the state
– Traders in the market attributed the rising cost of goods to increase in the cost of purchase, in addition to personal costs incurred by wholesalers and retailers from suppliers
This season, some goods has witness an over fifty percent increment in prices especially food items been the highest in the past few months, according to findings by ZENITHBLOG.com.
A visit to Iyana-Ipaja market by ZENITHBLOG.com correspondent showed an increase in the price of some food items that are imported and a stable price of other items that are brought into the market locally.
With a dwindling economic, reduction in the profit margin coupled with the low patronage, traders’ opined that this seemed to be the worst hit by the economic recession as the prices of local and imported food items keeps fluctuating due to the high rate of dollar and the restriction placed on importers of certain food items.
Findings revealed the prices of foodstuffs are on a very high side, same with clothes, shoes, wristwatches, ladies and men’s wear etc. while patronage is low even as most traders were seen sitting idle in their shops at the time correspondent visited.
Aloma, a trader who sells foodstuffs like Rice, Beans, Groundnut-oil, Crayfish, Egusi and Ogbono explain in details the price of the items.
The popular Iyana-Ipaja market, Lagos. Source: Esther Odili.
He said: “The price of palm oil and groundnut oil is reduced now compare to the amount it was sold in previous weeks. 25 litre of branded groundnut oil that goes for N14, 500 before, now cost N13,500. And the refill groundnut oil cost N12,700, while the price of palm oil goes for N13, 500: only Kings groundnut oil cost N14, 000.
“The price of beans lately have not been stable and normal, it fluctuates. A bag of beans Olotu cost N48,000 while Oloone cost N38,000. And a medium sized bag of Oloyin cost N28,000. A measure of beans still sells for between N270 and N300, depending on the type.
Prices of foodstuff keeps fluctuating in various markets across the state. Source: Esther Odili.
“A bag of Aroso rice cost N17, 500 while Agric rice cost N16, 500. Although we have other branded rice that cost more but the demand for these two is high. For garri, I sell Cameroon garri and the cost of importing the goods is high, hence the cost of purchase is high as well. A bag of garri (white) cost N18,000 while the bag of garri (Yellow) cost N19,000.
“The price of foodstuff is high now especially that of ogbono and egusi while the cost of crayfish reduced a bit. It is raining in the northern part of the country and this has affected the purchase if egusi and ogbono that are transported to the traders. We have three types of ogbono. The popular ones are the ones from Badagry, Cameroon, Ebonyi state and Abidjan. Some cost N85,000, N90,000 and N120,000. But there is really no fixed price for the goods. As the price of other items continues to rise, so also that of egusi soared in recent weeks now.
“The measurement and type of egusi determines its price. We have egusi of N38,000 and we have the one of N55,000 of either egusi (Handpeel or machine), but the higher the measurement the higher the cost of purchase. For crayfish, a big nylon (Patala) now cost N20,000 as against its old price of N26,000 while two nylon goes for N40,000. But this depends on the quality and the brand: the higher the quality, the higher the price.
“The goods that are imported into the country are the ones whose price increased incredibly,” he added.
A trader who sells spiritual items like drums, Bibles, talking drums, drum sticks and Bell’s informed that sales is slow and thus the purchasing power of buyer’s have reduced. According to him, the price of the items only increased by about five percent.
“The price of the goods only increased a bit and thus the level of patronage has been very poor. The buyer’s complain of a reduction in their income and increment in the cost of purchase. This has affected us as trader’s and business is really slow.
“Small bell that cost between N800 and N1,200 before, now cost between N1,500 and N2,700. While the big bell that cost N4,000 before, now cost N5,000. Same goes for the talking drum and gongo.
Spiritual items on display at Iyana-Ipaja market, Lagos. Source: Esther Odili.
“Bibles are not really expensive. The quality of the paper used, the design and version as well as the size, determines the price. A small King James version that cost about N800 and N900 before, now cost N1,500. While the one with English and Yoruba Version combined cost from N3,000 upwards.
“But the cost of purchasing these items is at an alarming rate now,” he says.
Mrs Nofisat, who sells tomato paste, and other ingredients like sauce, spices, magi, curry and so on attribute the high price to the rise in dollar lately.
She said, the price of these items increased a bit but this depends on their brands. Four magi cubes of Knor are sold at N50 in the market, while traders at home sell at an increased price.
“A carton of some popular tomato paste sells from N4,500 and some that have are of good quality can be purchased from N6,500 upwards now. But before it was sold at, N1,800, N1,650 and N2,400. This depends on the location where it is purchase, resell, the market and the seller as well as the quantity in the packaged carton. And a sachet of these tomato pastes that was sold at N50 before now sells at N80 while the ones sold at N40 now sells at N60. But this price sometimes is influenced by the choice of the trader, these change is also same with spaghetti,” she added.
The price of fruits like oranges, pineapples and banana had also witnessed increases with a bag of oranges being sold for between N5,000 and N10,000 from N4,000 and N7,000 in previous months.
Traders and buyers at Iyana-Ipaja market, Lagos. Source: Esther Odili.
A big bunch of banana is sold for between N300 and N500, while the price of water melon remained fairly stable at between N150 and N200.
Madam Nene, a trader who deals on fruits in the market attributed the rising cost of fruits to “the recess in the economy, the change in weather condition in addition to personal costs incurred by retailer.”
Meanwhile fresh tomatoes and pepper has become cheaper as observed in the market lately. Tomatoes that was sold at N100 before is now sold for N50. The traders attribute this to the availability of the product and the scarcity of the popular tomatoes.
“The Hausa tomato that is of round shape is now very expensive: while the cheap tomatoes are the long, tiny and the perishable ones. And they are both Hausa tomatoes. A big basket of Hausa tomatoes cost N26,000 while the small basket can be purchased from N3,500 upwards. A big bag of chilli pepper cost N15,000. So we sell tomatoes from N50 upwards, same with pepper and onion.
“Onions is not really expensive but affordable. Compare to its old prices. A bag of dry and old onions cost N 25,000 as against its old price of N30,000 upwards. While a bag of new onions can be purchased between N13,000 and N18,000: depending on the particular market day. Because, sometimes things ate affordable on a particular day in the market and at other days, it will be expensive. Often times, goods are always affordable by weekends.
“The size of the basket, the size of the bag and the market location often determine the price of the goods,” Iya Nike, a tomato seller at the market told ZENITHBLOG.com.
Also, at the market, the prices of beverages like Bournvita, Milo, milk, corn flakes and other items showed a different side. Some of these prices have increased drastically and others still sold at a reasonable amount.
According to a wholesaler in the market Madam Kafaya, the price of these beverages and other provisional items that are imported has increased lately and some reduced a bit.
“Not all the price of these items had increased, but some are still affordable. A dozen of Dano powder milk is sold at N250 as against its old price of N280. And a dozen of Loya milk and three crown milk (sachet) goes for N270 and 300 as against their old price of N350 and N330. But that of peak milk powder milk (Sachet) keeps increasing. A dozen of peak milk sachet goes for N550 as against its old price of N450.
“Same with 500g of Bournvita and Milo that was sold at N850 before, now goes for N1,100 and is still rising. While Ovaltine of the same quantity sell for between N900 and N1000 and a packet of St Louis sugar cost about N350 instead of N250, its old price.
The price of some provisional items had gone up at Iyana-Ipaja market. Source: Esther Odili.
“The issue is that, if traders purchase from the manufacturing firm at an increased price, they will sell to at an increased rate and if purchased at an affordable rate, they will sell likewise. But right now, the manufacturing company determines and influenced the price of these items.
“But items like, bath soap, noodles, sugar, baby food (cereals), cornflakes and more has been on the high side for some time now. The price increased by 30%, except for some detergent, toothpaste and biscuit have witnessed a reduction.
“The price keeps fluctuating and dollar has not affected it but one cannot tell it will increase later in weeks to come,” she concluded.
Mama Iyabo, who sells fish in the market, told ZENITHBLOG.com that the price of 20 kg carton of Titus fish had increased from N17,500 last week to N19,000.
She attributed the hike to increase in the fluctuating price of dollar and the cost of transportation.
Disposable take-away plates for sale at Iyana-Ipaja market, Lagos. Source: Esther Odili.
“We only sell as we buy and like they told us in the cold room where we buy, the high cost of diesel is responsible for the price increase, adding that the price may increase further as the Ramadan fast approaches.
Similarly, other commodities without definite standards of measurements like Guinea Corn, Maize, Millet and a host of others have equally increase in their prices relatively across the state findings revealed.
Some buyers who spoke to our correspondent had expressed concern over the daily hike in the cost of foodstuffs and other essential commodities in the market, attributed the increase in prices of the commodities to the harsh economic condition in the country.
“The cost of commodities like sardine, maggi, onions, spices and other foodstuff have sky rocketed since the economy entered into a recess.
Traders sitting idle with goods on display at Iyana-Ipaja market, Lagos. Source: Esther Odili.
“If things continue this way, it will be extremely difficult for the low income earners to survive,” a buyer who pleaded anonymity told our correspondent.
Mrs Chiemeka, a house wife, who bemoaned the increases in the cost of food foodstuffs, said she could no longer maintain the food needs of her family again.
“The increment in the prices of goods is due to the harsh economic condition in the country, which has led to inflation but the money expended on transporting them to the market is very expensive and the taxes paid on these commodities have also increased their prices. This has affected the food needs of our family.”
The traders have now appealed to the state and federal governments and relevant authorities, to look for ways on how to improve the present economic situation for the benefit of a common man.
Watch this video of some traders speaking with ZENITHBLOG.com tv on the changes in prices of goods:
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