Recession: Foodstuff prices remain high despite harvests

The prices of staple foods in markets around Lagos metropolis are still high in spite of the fact that majority of the produce are within their harvesting period.

A visit to some major markets in the metropolis on Friday showed that a bag of potatoes, cocoyam and maize sell for N8,000 each respectively.

The least retail prices for about four or five tubers of each item sells for N200 depending on the sizes.

At Iddo market in Mainland Local government, a bag of beans sells for N48,000 and N49, 000 while a paint bucket sells for N1,300 and N1,350 and derica cup, N350 and N360 respectively.

A 50kg bag of rice at Iddo market sells for between N15,000 and N15,500.While a bag of garri goes for N22,000, paint bucket N900 and N1,100.

Also, at Mile 12 Market a tuber of yam, old stock depending on the size sells between N500 and N2,500 while the new stock sells between N800 and N1, 500.

Mrs Iyaani Subaru, a corn seller, at Jakande Fruit Market, Ketu, said that traders were not the cause of the high prices as they display their goods depending on how they bought from the wholesalers.

“Those who bring in corn in bulk to Lagos do not do so often as they explained that they noticed that when the goods are many in the market their profits reduced, so they restrict supply to control prices.

“Today a bag of corn is N8, 000. I have to sell to recover the cost price and make something on top,” she said.

Mallam Dangoya Aboki, a yam seller at Mile 12 Market, said that ‘correct big old tuber of Abuja yam’ sells N2,000, N2,200 while the small ones sell N1000.

“People still prefer old yams to new ones by this time of the year. The reason being that old yam taste better than new ones.

“Besides, new yam is coming out gradually and you can get big tuber of Abuja yam at N1,500.

“Generally everything in the market is costly and it has affected yams also.

“Perhaps, by August ending the prices of new yam will reduce,” he said.

Mr Sule Aliyu, a bean seller at Iddo Market, said that price of beans had not been stable since 2016.

“Today brown beans sells for N48, 000 a bag while Honey beans sell for N49,000 a bag.

“There was a period it came down to between N40,000, N42,000, N45,000 and 46,000 per bag.

”Then, we sold Derica cup for N25, N26, N27 and N28, while paint bucket went for between N250 and N280.

“”If you come tomorrow and the new stock comes cheaper we will reduce the price to reflect the current price,” he said.(NAN)