News in brief: Prices of food items like tomato, palm oil and garri have risen in Enugu, Nigeria, between April and May 2023, with some items increasing by 63.64%.
According to the News Agency of Nigeria (NAN), the prices of common food items like tomato, palm oil, and garri jumped in Enugu between April 2023 and May 2023.
The price change for a big basket of tomato was between about 33.33% and 52.77% as the cost went from â¦â46,000 to â¦â60,000 in some markets and from â¦â36,000 to â¦â60,000 in other areas. For palm oil, a 25 litre unit now costs â¦â25,000, up from â¦â18,000, representing a 38.89% increase. Meanwhile, a bag garri rose from â¦â22,000 to â¦â36,000, a 63.64% rise.
Many of the traders who spoke to the NAN correspondent lamented that the high costs forced them to cut down on their purchase. Some had to join with others to be able to buy in bulk and later split the commodities. There were traders who could not simply continue to trader and had to close up shop until prices reduce.
According to the report, many blame the spike on logistics costs and the off-season, especially the cassava-derived garri. Farmers are yet to harvest their cassava crop for the year while they already started planting new ones. Therefore, food processing companies have to buy the little quantity that is available at higher price and transfer the additional cost to their buyers as well.
Why should food prices jump in Enugu state concern you?
While food inflation is not a rare occurrence in the country, Enugu state is not one of the places where huge jumps happen. According to NBS CPI report in March 2023, Kwara, Ondo and Lagos state experienced the highest inflation in the month. So, either the price of these food items are higher in these states or something unusual is happening in the ‘coal city’.
Until the official NBS report comes out for the month of April and May, it will be hard to solve the puzzle above.
Tracking the price changes of common food items is important because it can help you budget accordingly. Also, for food industry stakeholders, it provides insight into market trends, supply, demand and inflation.
