By Grace Samuel
According to a recent report, food prices in Nigeria have slightly decreased, despite the recent galloping inflation in the market.
in Bauchi, Gombe and Dutse markets, food prices have decreased slightly as against galloping inflation in the past months.
It was also disclosed that prices of parboiled rice, maize, beans and millet also dropped by about 10% in the markets across the states. This means that consumers can now purchase a 50-kilogram bag of foreign rice for ₦66,000, which was previously sold at ₦82,000.
Similarly, a 100-kg bag of local variety rice was sold at ₦120,000 as against ₦130,000. The price of a measure of beans has also reduced from ₦1,900 to ₦1,800, while a 100kg bag of the produce now sells at ₦78,000 instead of its previous price of ₦83,000.
While the prices of non-perishable goods have decreased, perishable produce showed a marginal increase in prices.
For instance, a medium-sized basket of tomatoes sold for between ₦8,000 and ₦11,000 as against its old price of ₦9,500 and ₦13,000, depending on its quality. A bag of onions which previously sold between ₦13,000 and ₦20,000 now sells at ₦12,000 and ₦18,000, respectively.
Furthermore, grain dealers at the markets attributed the development to the Federal Government’s ban on bulk purchase of grain and the implementation of proactive monetary policies in the country.
Alhaji Danjuma Jahun, a rice dealer in Bauchi, said the measures adopted by the government checked hoarding and improved food supply.
“The reduction in prices is because of the government’s action to ban bulk buying of grain in the markets,” he said.
Another dealer, Isa Munkaila, said that prices would further go down given the improved supply to the markets, and he called for improved power supply to rice mills to encourage productivity.
Overall, it can be said that the recent decrease in food prices is a positive development for consumers in Nigeria and it is expected that the prices will continue to fall as the cropping season sets in.