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The general rise in prices of goods and services in Nigeria hit an all time high of 18.3 per cent in October. This means that the prices of food items and other consumables have gone up considerably making it difficult for the average person to eat three square meals a day.
According to Vanguard
Inflation has been on the rise for 12 months. The general rise in prices is attributable to exchange-rate pressures that have persisted on its impact on the prices of goods and services, complicating the central bank’s task of supporting an economy in recession.
In the market place prices of various food items such as yams, garri, palm oil, fruits and vegetables, housing, water, electricity, gas and other fuels as well as, fuels and lubricants for personal transport equipment and education increased considerably in the last three months. In fact pure water which is the common man’s water on the go has gone up from N5 per sachet to N10 in major cities across the country.
A medium-sized basket of fresh pepper now sells for N10,000.00, from N5, 000, while a basket of chili pepper goes for N13, 000.00, as against the N5, 500.00 it sold for previously. A jute bag of onions goes for N12, 500.00 from N11, 000.00, while a 20-litre keg of vegetable oil goes for N6, 100 as against N6, 000 previously.
A four-litre paint measurement of garri that sold for N300 is now N650. At the Daleko Market, Isolo, the prices of the various brands of a 50-kilogramme bag of rice ranges from N17, 000 to N25,000. A bag of lower grades of rice which sold for N9, 000 in December 2015, sold for N13 000 in April this year is now about N20, 000. A five litre of groundnut
oil which was selling for N1, 700 before, is now selling for N2, 200, while its 3.8ltr now sells for N2, 000, as against the former price of N1, 600. A 4 litre keg of groundnut oil previously selling for N1,800 now goes for N3,500, just as a big keg which formerly sold for N6, 500, now stands at N10, 500.
At the aforementioned markets, a 20- litre keg of palm oil that sold for N6, 000 is now selling for N15, 500, while a bottle which was selling at N200 before, now sells at N450.
Also a big basin of garri which had sold for N1, 500 now sells for N9,000 while one paint bucket of it which was selling for N200 now sells for N700. A five kilogram and 10 Kilogram of semovita which was selling for N1,800 and N3,000 before, now sells for N4,000 and N6,500, respectively, even as the price of a five kilogramme bail of wheat which
previously sold for N900 now goes for N1,000. A 120 kilogramme bag of beans costs N24, 500.00, up from the N22, 000 it sold for.