The prices of major staple food items in Lagos State experienced a significant decline in February 2025, following months of continuous price surges.
This development has brought relief to traders and households struggling with high food costs.
The latest monthly market survey conducted by the Nairametrics research team this month highlights notable price reductions across major markets, indicating improved supply and market stabilization.
Overview of price movements
The prices of several staple food items dropped significantly due to increased supply from local farmers who have commenced harvesting. Notably, the highest decline is the price of a big bag of onions which fell sharply by 43.2%, driven by an influx of fresh supplies from major producing states.
In addition, price reductions were recorded for egusi (melon), white garri, beans, frozen fish varieties (kote and Titus), a 25-litre gallon of vegetable oil, and yams.
Conversely, some food items witnessed an increase in price due to supply shortages and rising demand from manufacturers of processed food items. These include a big bag of round and oval-shaped tomatoes, 1kg of Honeywell wheat meal, and a packet of Golden Penny pasta.
Prices of some essential goods remained relatively stable, experiencing only marginal fluctuations.
Key price movements
The price movements recorded in this report are as a result of a physical market survey conducted by Nairametrics in four markets in Lagos – Mushin, Oyingbo, Mile 12, and Daleko.
Items that recorded a price decrease
- The price of a big bag of dry onions dropped significantly by 43.2%, selling at an average of N115,000 in February 2025, compared to N202,500 in the previous month.
- Similarly, a big bag of new onions now sells for an average of N155,000, reflecting a 28.74% decrease from the previous price of N217,500.
- The price of 1kg of Titus fish declined by 23.8% to N3,200, down from N4,200. Likewise, 1kg of Kote fish now sells for an average of N3,200, representing a 17.9% decrease.
- A medium bag of pepper saw its price drop from N33,000 in January 2025 to N28,000 in February.
- The price of a medium-sized tuber of Abuja yam declined by 15.2%, selling for an average of N3,500, compared to N4,125 last month.
- The cost of refilling a 12.5kg cylinder of cooking gas has decreased to N14,400, compared to N18,750 last month, representing a 23.2% decline.
- A big bag of egusi (melon), previously sold at N329,000, now sells for N257,000, reflecting a 21.9% drop.
- The price of a 50kg bag of white garri reduced by 10.4%, now selling at N40,300 instead of N45,000.
- A 400g refill pack of Loya powdered milk now sells for N4,350, down from N4,825, reflecting a 9.84% decrease.
Items that recorded a price increase
Despite the price drop in essential food items, some items experienced an increase:
- The price of a half bag of Irish potatoes rose by 20.4%, selling for an average of N111,500, up from N92,600. Similarly, the price of a full bag of Irish potatoes increased by 11.3%, reaching N202,600 from N182,000 in January 2025.
- The price of a big basket of round-shaped tomatoes increased by 20.5%, selling for an average of N25,300 instead of N21,000. Similarly, a big basket of oval-shaped tomatoes now sells for N24,000, reflecting an 18.5% increase from N20,250 in the previous month.
- The price of 1kg and 2kg bags of Honeywell wheat meal rose by 9.62% and 13.6%, selling at N1,710 and N3,750, respectively.
- The price of a 50kg bag of Caprice rice increased by 9.77%, now selling at N100,600 instead of N91,650.
- A 500g tin of Bournvita refill rose by 6.58%, now selling at N4,210, up from N3,950 in January 2025.
National Bureau of Statistics (NBS) report
The National Bureau of Statistics (NBS) released its rebased Consumer Price Index (CPI) on Tuesday, February 18, 2025, which showed that Nigeria’s headline inflation rate dropped to 24.48% in January 2025.
Key insights from the NBS report:
- The food inflation index stood at 26.08% year-on-year (YoY) in January 2025 following the new base year, a decline from 39.84% recorded in December 2024 under the previous base year.
- This decrease is attributed to the rebasing of the CPI, which now reflects current inflationary pressures and consumption patterns.
- The rebasing effect is not the only factor that contributed to the drop in food inflation, actual reduction in prices of some food items also contributed to the sharp drop in food inflation. Our survey in January shows a reduction in prices of some food items such as pepper, onions, beans, and vegetable oil, among others.
- There is a possibility of moderation in food inflation for February following our market survey that revealed that prices are beginning to drop gradually on essential foods.
Market reactions and insights
Traders and consumers across Lagos markets expressed relief over the price reductions, sharing their experiences with the Nairametrics research team:
- Hassan, an onion seller at Mile 12 Market, expressed joy over the price drop: “We are happy that onions are finally becoming affordable. We are receiving more onions from Sokoto and Kano, which has increased supply. We have been selling at a loss for too long, but now we can make a profit.”
- Mrs. Adebayo, a consumer at Mushin Market, noted how the price reduction has impacted household expenses: “Previously, the cost of onions alone took up a huge part of my food budget. Buying a single bulb for N500 was frustrating. Now, I can get the same size for N100.”
- Mrs. Emmanuel, a frozen food seller at Daleko Market, highlighted the drop in fish prices: “The seasonal abundance of Kote and Titus fish has increased supply, making them more affordable. Many customers are happy about this.”
- Mallam Anas, a pepper trader at Mile 12 Market, attributed the price drop to a bumper harvest: “Pepper prices fluctuate a lot, but right now, there is a surplus in the market, leading to lower prices.”
- Mrs. Dupe, a consumer at Daleko Market, expressed optimism about the trend: “At first, we thought things were only getting worse, but recently, food prices have been steadily declining. If this trend continues, our income will stretch further without as much financial stress.”
About the Nairametrics Food Price Survey
- The Nairametrics Food Price Watch is a monthly market survey tracking the prices of major food items across Nigeria.
- This report specifically covers four key markets in Lagos State: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12 Market.
- The survey provides up-to-date insights into food price trends, helping businesses, policymakers, and consumers make informed decisions.
(Nairametrics)
