Yuletide: Food Prices Drop Ahead Of Festivities

Yuletide: Food Prices Drop Ahead Of Festivities

Contrary to widely-held notion that prices of goods naturally soars during Christmas, some marketers have noted that prices of foodstuff in the market have continued to drop.

Yesterday at Alaba Rago, Ojo Lagos market, Mr. Abdulrazak Tantolohun, a marketer who deals in different kinds of foodstuff such as beans, groundnut, soya beans and other food items, said: "Even though Christmas is less than a week from now, the prices of food instead of rising as usual, are now falling."

Yuletide: Food Prices Drop Ahead Of Festivities

This is because of rising stock of items in the market ahead of the Christmas and New year.

Mr. Tantolohun explained that Olotu beans has tremendously depreciated as it is now sold for N17,000 per 100kg bag, down from N22,000 per 100kg bag as at Monday, representing a 22.7% decrease below the previous price; groundnut, according to him, fell 12.5% to N17,500 per 100kg bag from N20,000 per bag, just as soya beans plunged 9.09% as it is now sold at the rate of N10,000 per 100kg bag, from N11,000 per bag of the preceding week respectively.

Another wholesaler at Alaba Rago market, who specializes in different species of maize, rice, garri and other foodstuff, Mr. Isah Aminu said the falling in price of foodstuff in the market regardless of the festive season is as a result of the incoming of new ones into the market.

He added that as a result maize, which was as at Monday (this week) sold for N6,500 per 100kg bag has now decreased in price as it is now sold at the rate of N6,000 per bag, a decrease of 7.69% as opposed to the previous price, as special rice depreciated by 4.44% to N8,600 per 50kg bag, up from N9,000 the previous price; garri, according to him, grew 45.5% over the previous period (as of Monday) as it is now sold for N8,000 per 60kg bag as opposed to the previous price of N5,500 per bag.

According to yet another foodstuff seller who deals in palm oil, groundnut oil and other food items, Mr. Anayo Chukwudi, a 25 litres of groundnut oil which was as of Monday (this week) sold for N7,000 has now fallen by 5.71%, as it now goes for N6,600 per 25 litres. On the other hand, he said the same 25litres of palm oil which now sells for N7,000 was as at Monday sold at the rate of N5,500, representing a 27.3% increase over the previous price, due to the festive period and scarcity.

In her remark, Ms Salamatu Ogido, a foodstuff seller who deals in tomato, onion and pepper, explained that Hausa tomato which was as of Monday this week sold at the rate of N7,000 per wooden box now goes for N5,000, a 28.6% decrease in price compared with the previous price, while onion was sold as at then for N35,000 per 100kg bag, but now dropped 20%, as it is now sold for N28,000 per bag, just as pepper depreciated by 20% to N8,000, up from N10,000 of the corresponding price respectively.

A report presented by Esoko Commodity market revealed that a 100kg bag of Olotu beans is sold for N30,000 at Mile 12 market in Lagos State and sold for N18,000 per 100kg bag at Danwanau market in Kano State, while a 50kg bag of rice is sold for N8,660 at Mile 12 and sold N8,000 per 50kg bag at Gombe main market, Gombe State; as groundnut goes for N18,000 per 100kg bag at Mile 12 market and goes for N16,000 at Danwanau market respectively.

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