By Sarah NEGEDU with Agency
Residents of Abuja, Nigeria’s Federal Capital Territory, have heaved a sigh of relief as prices of some staple food decreased in the city centre and satellite towns, but are still worried over epileptic fuel supply that has seen fuel queues persist.
The reduction in the prices of foodstuff is not surprising as the annual inflation slowed for the first time in 19-month in July to 33.4%.
According to the National Bureau of Statistics, Consumer’s Price Index declined to 33.40 percent in July 2024 from 34.19 percent in June 2024.
“We expect to see a moderation, when we say a moderation, it’s only due to high base effects from last year. On a month-on-month basis, I think inflation will still be a bit high,” Tunde Abioye, research analyst at FBNQuest said in a recent report.
“But, overall, m/m inflation is likely to remain elevated. The year-on-year should start to taper down a bit due to base effects. We think inflation should peaked in June/July. So we should begin to see some moderation go forward,” he said.
A market survey showed that while prices of some food items are coming down, others remain high. The survey was conducted at the Apo Fish Market, Dutse, Lugbe and Wuse, Nyanya markets, and Orange Market.
The residents attributed the price reduction to harvest season, which has increased food supply, and tax waiver on some food items granted by the federal government.
Tomatoes, Irish potatoes, peppers, sweet potatoes, and yams are being harvested, which has helped to boost supply and ease prices.
Godwin Solomon, a tomato seller at Apo Fish Market, said a big basket of tomatoes sold as high as N230,000 in June was now sold at N40,000 to N55,000.
“A dustbin full of tomatoes priced between N16,000 to N20,000 has dropped to between N5,000 to N12,000, offering some relief to consumers. Also, a dustbin-full of pepper now sells for N6,000 to N9,000 depending on the day of the week while that of onions goes for N4,500 from N6000,” Mr Solomon said.
A yam seller at the Dutse market, David Adole, said consumers who could not buy yams for two months could now buy due to a price reduction.
“Old yam is rarely available now in the market; what we have now is the new yam and it is more affordable for the people. Five tubers of yam, which we used to sell at about N25,000 to N35,000, now go for between N12,000 and N18,000.
“A dustbin-full of sweet potatoes now goes for N3,000 from the former price of N5,000 while Irish potato dropped from around N25,000 to between N6,000 and N8,000,” he said.
Equally, the price of garri has decreased minimally in the market.
A mudu (the common unit of measure for foodstuff in the market) of white garri now goes for N1,100 while red garri goes for N1,300 compared to earlier prices of N1,400 and N1,600, respectively.
At the Nyanya market, Yetunde Adeleke, a garri seller, said a bag of white and red garri was sold at N66,000 and N70,000 in June but has reduced to N55,000 and N60,000, respectively.
Ahmed Aliyu, at the Lugbe market, said the price of grains (maize and guinea corn) has remained at N1500 per mudu while millet reduced to N1400 from N1600 it was sold for in June.
However, checks revealed that prices of food items like meat, rice, beans, and provisions remained unchanged or slightly increased in the market.
Shehu Danladi, a butcher at the Wuse market, said two months ago that a Kilo of beef was sold at N5000 but was now sold for between N5200 and N5,500.
Jane Agbende said a bag of white beans, sold at N200,000 in June, has increased to N250,000.
“One mudu of brown beans was sold at N1,800 and white beans N1,600 but is now N3,200 and 2,800, respectively. The price of beans has been unstable, but we hope that by October/November, the price will reduce because farmers will start harvesting their produce,” Ms Agbende said.
Mohammed Idris, who sells rice in bags at the Orange Market in Nasarawa, said the cost of rice had also been unstable for a while.
According to Mr Idris, the situation has affected the trade, as traders can no longer purchase large stock from farmers as before.
He said a 50kg bag of local rice sold for N64,000 in June is currently being sold between N80,000 to N84,000, while its 25kg bag sold for N35,000 is now N42,000.
A teacher, Grace Udochi, said even with the minimal lower prices, Nigerians are still struggling and finding it almost impossible to feed or make ends meet.
“The demand for food remains constant, but the ability to purchase has become increasingly strained, thus the urgent need for solutions to mitigate the impact of inflation on everyday Nigerians,” Ms Udochi said.
However, fuel supply has remained erratic with the pump price per liter of premium motor spirit, PMS, going for as high as N800.
A.A.Rano, a major petroleum marketer, has adjusted its meter to N700 per liter. In neighbouring Mararaba, Nasarawa state, some filling stations were selling as high as N800 to N850 per litre.
(NAN)
