Also, a 60kg bag of yellow garri rose 33.3 percent to N24,000 from N18,000, and a 60kg bag of white garri rose 7.7 percent to N21,000 from N19,500.\n<\/p>\n
For staples like ogbono, the price of a big bag rose by 35 percent to N405,000 from N300,000, and a milk cup of the same item rose to N2,500 from N2,000.\n<\/p>\n
Despite the sharp increase in some staples, some food items maintained their prices while others recorded marginal drops.\n<\/p>\n
Tomatoes and pepper recorded the largest declines among the items surveyed. A big basket of fresh tomatoes sells for N50, 000 as against N55,000 sold in September.\n<\/p>\n
Why prices soar<\/strong><\/p>\n Traders blamed higher transport costs, tight supply and the festive season for the sharp increases in these staples.\n<\/p>\n \u201cThe cost of transporting food items has increased, and there is a shortfall in supply,\u201d said Musa Idris, a trader at Mile 12 Market.\n<\/p>\n \u201cThe cost of bringing a bag of onions has jumped to N25,000 from the north to Lagos,\u201d Idris said, citing fuel and diesel costs.\n<\/p>\n Aderonke Odulate, another trader, said prices usually rise ahead of Christmas and New Year. \u201cPrices usually go up during the festive season. It is expected that the prices of rice and onions will make a rapid climb as Christmas and New Year approach,\u201d Odulate said.\n<\/p>\n Rotimi Dairo, a trader at Ketu Market, said some traders were stockpiling grains such as rice and maize for the season.<\/p>\n Read also:\u00a0Food inflation tests the limits of subsidies<\/a><\/strong>\n<\/p>\n \u201cSome traders believe prices will be higher in December, so they are stockpiling to get higher profits,\u201d Dairo said. \u201cThis is causing a current supply shortfall and a surge in grain prices.\u201d\n<\/p>\n Nigeria\u2019s headline inflation in September was 14.63 percent according to data from the National Bureau of Statistics.\n<\/p>\n Food inflation edged up to 19.59 percent in September from 19.57 percent in August, after easing from 20.31 percent in July.\n<\/p>\n Several analysts project a higher rate in October. \u201cWith the sharp rise in onions, maize and rice prices, we are going to see a sharp rise also in food inflation in October,\u201d said AfricanFarmer Mogaji, an agric expert and CEO of Agbado Value- Chain Ltd.<\/p>\n \u201cThese are staples mainly consumed by households,\u201d he added.\n<\/p>\n Nabila Mohammed, a research analyst at Chapel Hill Denham, said food inflation is expected to edge higher in October.\n<\/p>\n \u201cWe saw a sharp decrease in food inflation in August and a marginal decline in September owing to the harvest season. Harvest season always tends to water down the increase in food inflation,\u201d she said.\n<\/p>\n \u201cWe are no longer in the harvest season; prices are expected to edge higher, especially with the rise in transportation costs,\u201d she added.\n<\/p>\n Josephine Okojie-Okeiyi is a journalist with over five years\u2019 reporting experience. She writes on industry, agriculture, commodities, climate change, and environmental issues.
Source: <\/p>\n Surging prices of key food staples across major Nigerian markets in October are signalling a potential rise in food inflation, threatening to worsen the cost-of-living pressure on households. A BusinessDay… <\/p>\n","protected":false},"author":1,"featured_media":16472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/16471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=16471"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/16471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media\/16472"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=16471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=16471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=16471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Related News<\/h4>\n<\/p><\/div>\n
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