The price of local rice, onions, cooking gas, pepper, and other staple food items has significantly increased. The survey considered four major markets in Lagos state, namely Oyingbo, Daleko, Mushin, and Mile 12 Market.
Specifically, the price of a big bag of dry onions rose significantly by 57.4%. T.o sell for an average of N28,175, despite falling to N17,900 earlier in the month. Likewise, the price of a small basket of sweet potatoes climbed by 54.55%. To sell for an average of N6,375 compared to an initial average of N4,125.
While the cost of refilling a 12.5kg cylinder of cooking gas has topped N11,250. As of this time last year, a 12.5kg cylinder of gas refilled for an average of N4,600, representing a 145% year-on-year price increase.
Meanwhile, the incessant increase in the prices of food items attributes to the high cost of transportation. This is because of the surge in the price of fuel, scarcity of fuel in some areas, and bad road networks. In other cases, it attributed the increase to seasonal fluctuations, a high rate of insecurity, and an erratic power supply among others.
The food index, which is a closely watched component, also rose by 19.5% year-on-year in May 2022. Representing a 1.13% points uptick compared to 18.37% recorded in the previous month. And a 2.78% decline compared to the corresponding period of 2021 (22.28%).
According to increases in prices of bread and cereals, food products, potatoes, yam, and other tubers. Also wine, fish, meat, and oils caused to the Bureau, the rise in the food index. In a brief chat with Ada John, a potato supplier at Oyingbo Market, she stated that her major challenge is the supply chain.