Rice price goes up, beans down

Rice price goes up, beans down

Saturday, May 21, 2016 8:56 am

a market in Nigeria. NAN Photo

a market in Nigeria. NAN Photo

A  food price  survey by NAN has shown the true picture of commodity prices in the Nigerian market, amidst complaints of rising inflation.

The survey at the Mile 12 market shows  the price of a 50 kg bag of imported rice now sells for N13, 500 whereas it was sold for N13, 083 at the market last week.

The paint bucket measurement of rice sells at N1, 200 as against N1, 130 last week.

A 100kg bag of maize is now N9, 375 compared with N9, 000 last week.

The 60kg bag of garri rises marginally to N11, 638 from N11, 533 last week.

Prices of groundnut (100kg), sorghum (100kg and soya beans (100kg) remain stable at N26, 000, N10, 000 and N15, 000 respectively.

The prices of a  25 litre container of Palm oil and a 100kg bag of onions also remain the same at N6, 500 and 9,500 respectively, at the market.

The 100kg bag of drum beans recorded a slight drop from N19, 667 as at last week, to N19, 250 currently

Miss Avadoo Gaadi, an enumeration specialist with Novus Agro  Nigeria Limited blamed  the increase in the prices of some of the commodities to a rise in the exchange rate of the dollar, the fuel price increase and insufficient rain.

Gaadi said that traders were selling off the old stock of commodities at higher prices, because the demand for the available stock was high.

“Basically, the present commodity prices have been influenced by some factors such as the exchange rate of the dollar and logistics constraints caused by the fuel scarcity.

“Bringing in imported rice and the cost of transportation from the ports to the markets have also contributed to the increase in the prices of a lot of commodity prices in the market.

“Palm oil production is now very expensive and it is used for garri production, and as a result, the price of garri has increased. There are no rains and so there is scarcity of garri in the market.

“Maize is not really in the market because of the lack of rain. Traders are selling off old stock at higher prices basically, “ Gaadi said.


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