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.