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Business News of Monday, 29 August 2022

Source: legit.ng

Weekly Price Check: Top 7 goods whose cost price have increased in Lagos market this August

File photo to illustrate the story File photo to illustrate the story

The present market condition is not a joke because traders are lamenting bitterly.

In major markets during this period, the cost price of goods has risen beyond imagination and this is all thanks to the present economic condition that factors influencing market prices of goods and services in the country.

A visit to some markets in previous weeks, showed the continuous rise of major goods in the market, leaving traders with no option but to go with the trend of hiking the prices of items they offer for sale.

The present condition Nigerians are faced with is biting harder as it is like a jungle where only the strongest rule. At the market now, only your cash or money at hand can determine to a large extent what you can purchase and smile back home happily.

Traders often hint at the economy for a long time, but the recent factor now is rising insecurity as some noted that the grappling economy is a big factor but yet the goods produced locally are threatened by the present challenge Nigerians are faced with, which is insecurity.

It is now a big issue because even popular markets in Lagos where goods are sold at wholesale prices have now experienced a twist as they have been hit with the same issue of rising prices of goods.

interestingly, some marketers, business owners, and traders struggle to get the goods they offer for sale and if it is gotten in some areas, it is limited, this, however, informs market prices in recent times, not leaving out the closure of land borders.

Without further ado, Legit.ng brings you top goods in Lagos market whose cost prices have increased in the third quarter of the year.

1. RICE

Yes, we all love rice and can purchase the item no matter how expensive it is.

This particular food item has become buyers' delight in Lagos market hence its cost price is always marked differently, in all markets across the state.

For a long time in the market, the cost price of rice maintained a steady rise, and traders attribute it to two major factors, the Nigerian grappling economy and the closure of the nation's land borders.

A trader opined thus:

"If the economy is not fixed, the cost price of goods will keep rising. It is worse now as the nation's currency has lost its value.

"The border closure and the economy are major factors influencing food prices, especially foreign rice.

"The cost price of imported goods is more affected this period due to the grappling economy. We are suffering and smiling as traders as we have no option than to keep pushing.

The rise in the cost price of foreign rice still persists as a bag now sells for N32,000 and N33,000 upwards.

Interestingly, the cost price of local rice has also risen as a bag now sells for N28,000 upwards for good and neat local rice and the ones with stones are sold from N24,000 and below.

2. Beans

You cannot mention goods whose cost price has increased and leave out beans.

Beans are also in high demand in major markets across the country but the cost price of the item in Lagos market is high and some other neighbouring states.

At the market during this period, the cost price of beans increased by five percent and the size of the bag and the type of beans influences the market price.

A small bag of beans, oloyin beans sells for N40,000 as against its old price of N35,000 and below and a big bag sells for N70,000 upwards as against its old price of N55,000 and N60,000.

For beans like olotu, white beans and oloone, they are packed in big bags and are sold from N75,000 upwards, the neat ones and N80,000 as against the old price of N60,000 and below.

3. Egusi

Egusi is that foodstuff item whose cost price maintained a slow and steady fix at the market. But in recent months, there was an increment in the cost price of the items and it never dropped.

At a time in which we have seen it all at the market regarding basic items whose cost price rises on a daily basis, egusi joined the chart.

Traders in major markets only attribute the rise in the cost price of egusi to the present economic condition of Nigeria as they opined it affected all the goods in the market, local and imported items.

At the market this week, the cost price of goods rose from N120,000 to N130,000 and some are selling a bag for N140,000, as against its old price of N80,000 and below.

4. Ogbono

Ogbono is another foodstuff item that rises and falls in the market. But this period, the cost price of ogbono did not drop one bit rather it keep rising.

At the market now, a bag of good ogbono that draws and tastes good is sold from N200,000 and others from N180,000 and below.

This is against its old price of N130,000 and N160,000 in previous months.

5. Vegetable oil (groundnut oil)

In the year 2020, a 25-litre of vegetable oil can be purchased from N10,000 and N15,000.

In 2021, 25-litre of vegetable oil is sold from N18,000, N20,000 and N21,000 upwards.

In 2022, 25-litre of vegetable oil sells from N22,000 and N24,000 upwards.

During this period at the market, it has increased as 25-litre of refill vegetable oil sells for N27,000 and N28,000 upwards and branded vegetable oil sells for N33,000 and N35,000 upwards.

6. Yam

Yam is another food item whose cost price has increased in the market this period.

It is even more disturbing for yam sellers as they lament hardship in getting a good supply of the item from neighbouring states to Lagos market due to rising insecurity.

At the market this period, new yam is sold at exorbitant prices even as it is in season. A tuber of small yams is offered for sale for N1,500 upwards and big-sized yams from N2,000 at the market.

When the price becomes lower and reasonable, buyers revealed that taste would be a bad one as good and tasty yam is now very expensive in most markets across Lagos state.

7. Bags

This is one item whose cost price was felt in all ramifications. Irrespective of your status in the country, the cost price of bags on the market this year is alarming.

The sellers are not happy with this recent development as it leaves buyers with no option but to maintain their old ones because new ones are out of reach of most buyers. Some now opt for second-hand-grade bags.

The cost price of school bags, laptop bags, fashion handbags and travel bags are very expensive at the market; both the imported and the locally made ones.

For laptop bags, it sells for N8,000 upwards as against its old price of N4,000 and N3,000 below.

For travel bags, lunch bags and school bags, the design, type and quality of the bags determine the current market price as they have increased by over five percent in Lagos market.

Going forward

It would be important to note that the prices mentioned above were given by traders at the popular Lagos market and the above prices of goods are the current ones in the month of August.

They are not fixed and they vary from market to market depending on the market visited and the time as well. it is often advisable for buyers to go to the market with extra cash so as not to be caught unaware.