Food Price Drops By 15% After Harvest

There has been a decrease in the past three months following the harvest recorded by farmers. Traders and farmers have recorded a 15% decrease in price in the space of three months. A 50 kilogramme bag of local variety of rice was sold for N13, 000; as against its previous price of N15,000, while a…”
Moroti Olatujoye
February 12, 2018 9:50 am

There has been a decrease in the past three months following the harvest recorded by farmers. Traders and farmers have recorded a 15% decrease in price in the space of three months.

A 50 kilogramme bag of local variety of rice was sold for N13, 000; as against its previous price of N15,000, while a measure of the produce was sold at N650.

Refined rice had also indicated similar decrease in prices, as a 50 kilogramme bag sold between N15,000 and N15,500; as against its old price of N17,000, depending on its quality.

Prices of other produce had dropped significantly in the past months; as a measure of maize sold at N280 and millet N350, as against its previous prices of N350 and N500 respectively.

A measure of cooking oil was sold at N380 as against its old price of N500; while perishable produce such as tomatoes and onions showed similar decrease in prices.

A measure of tomatoes was sold at N200 and onions N120.

Traders at the markets attributed the drop in prices to improvement in the supply of food items to the market.

 

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