Traders Blame Forex Scarcity As Price of Cooking gas, Local and Foreign rice surge

The prices of local and foreign-made rice have surged significantly, as food traders in Lagos State continue to blame the recent hike in food prices on the scarcity of forex and volatility of the exchange rate. This is according to the latest market survey, carried out by Nairametrics research.

According to the report, a 50kg bag of foreign-made rice surged by as much as 15.7% to sell for an average of N28,750, while it sold for as high as N30,000 at Mushin and Mile 12 markets. In the same vein, locally made rice also increased in price to sell for an average of N24,000 across the four markets, visited by Nairametrics.

Similarly, the price of beans, noodles, pasta, vegetable oil, onions, and melon continue to record significant increases. On the other hand, the price of pepper and tomatoes crashed in September compared to the previous month.

The National Bureau of Statistics had recently released the inflation figures for the month of August 2021, where the composite food index rose by 20.3% year-on-year, representing a decline compared to 21.03% increase recorded in the previous month.

According to the NBS report, the rise in the food index was caused by increases recorded in prices of Bread and cereals, Milk, cheese and egg, Oils and fats, Potatoes, yam and other tubers, Meat and Coffee, tea and cocoa.

Specific attention to the inflation rate for Lagos State shows that the food index for the economic centre of the country rose by 20.3% in August 2021 compared to the corresponding period of 2020.

Meanwhile, this Nairametrics report contains information on items that witnessed price increase, price decrease, as well as information on special markets and market insights obtained from interviews of traders and customers.