FULL LIST: Cost of Rice, Beans, Others Fall Nationwide (See Latest Prices)

• Food prices in Nigeria drop, easing inflation pressure on households.
• Staple items like rice, beans, and yam now cost less.
• Market survey shows significant price cuts across major Nigerian cities.

In a welcome development for many Nigerians grappling with high inflation, the prices of essential food items have started to decline, easing the financial burden on households across the country.

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EKO HOT BLOG reports that a recent market survey conducted by The Nation in Lagos and other major cities reveals a steady drop in the cost of staple foods over the past few weeks. Key commodities such as rice, maize, vegetable oil, and tubers—which had seen sharp price hikes in recent months—are now becoming more affordable.

Notable Price Reduction

Below is a comparison of current and previous prices of some essential food items:

1. Long-grain foreign rice (50kg) – ₦82,000–₦85,000 (previously ₦95,000–₦100,000)
2. Imported short-grain rice (50kg) – ₦65,000–₦67,000 (previously ₦80,000–₦90,000)
3. Local parboiled rice (50kg) – Around ₦89,000 (previously ₦90,000–₦100,000)
4. Millet (4L paint bucket) – ₦4,000 (previously ₦4,500)
5. Guinea corn (4L paint bucket) – ₦4,000 (previously ₦4,500)
6. Soya beans (4L paint bucket) – ₦6,000 (previously ₦6,500)
7. Wheat (4L paint bucket) – ₦5,000 (previously ₦5,500)
8. Yellow dry corn (4L paint bucket) – ₦3,000 (previously ₦3,500)
9. White dry corn (4L paint bucket) – ₦2,500 (previously ₦3,000)
10. Beans (D’Rica cup) – ₦1,000–₦1,400 (previously ₦2,000–₦2,500)
11. Yam (per tuber) – ₦3,000 (previously ₦7,000)
12. Yellow garri (paint bucket) – ₦3,000 (previously ₦4,000)
13. White garri (paint bucket) – ₦2,500 (previously ₦3,000)
14. Garri (60kg bag) – ₦37,500–₦45,000 (previously higher)
15. Tomatoes (big crate) – ₦23,000–₦27,000 (previously up to ₦120,000)
16. Semovita/Semolina (10kg) – ₦16,000
17. Semovita/Semolina (5kg) – ₦8,000
18. Kings Vegetable Oil (25L) – ₦82,000 (previously up to ₦95,000)
19. Terra Vegetable Oil (25L) – ₦80,000
20. Fresh groundnut (4L paint bucket) – ₦7,200 (previously ₦7,500)

A Sigh of Relief for Consumers

The drop in food prices comes as a significant relief for many Nigerians who have struggled with rising inflation and economic challenges. While the reasons for the decline vary—including improved supply chains, seasonal harvests, and potential policy interventions—consumers are hopeful that the trend will continue.

Market analysts suggest that if the downward trend persists, it could help stabilize household budgets and reduce inflationary pressures in the coming months. However, they also caution that external factors such as fuel prices, exchange rates, and global market trends could influence future price movements.

For now, the reduction in food costs offers a glimmer of hope for families striving to cope with the high cost of living.

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