On Monday, the National Bureau of Statistics released its latest inflation data – for April – putting the figure at 22.22%, from 22.04% a month earlier. Food inflation quickened to 24.61% from 24.35% in March.
With inflation reaching its highest level in 18 years and showing persistent rise in recent years, Nigerians have borne the burden of escalating daily expenses and significant strain on livelihoods. Inflation erodes income and savings and weakens the purchasing power of individuals and families.
Pluboard is starting a new price monitoring initiative today. We will provide a weekly review of how prices change across sampled products in diverse markets throughout the country.
Our aim is to offer valuable insights into the dynamics of prices and enable buyers to stay informed about evolving market conditions. By monitoring fluctuations in prices on a weekly basis, not monthly, consumers will have access to data that can assist them in making informed purchasing decisions. They will also be able navigate the challenging economic landscape more effectively.
The sampled products will cover a wide range of essential commodities and goods that significantly impact consumers’ daily lives.
– Our first set of items and what traders are saying are below:
- A 360-gram pack of Peak milk (powder) rose to N2500 from N2000, while a small sachet of Milo increased from N70 to N100.
- A 400g pack of golden morn now sells at N1000 (previously sold at N800). Golden morn also saw a reduction in quantity. Its 900 grams which sold for N1800 weeks ago was reduced to 800g for N2000.
- A 75cl container of palm oil rose from N900 to N1100, and 180 grams of Viva detergent now sells at N250 from N200.
- A cup of melon that was N350 has now moved to N450.
- A mudu of brown beans that was N800 before is now N950 while the round beans (iron beans) is N1000 against its previous price of N900.
- A small rubber basket of potatoes, tomatoes and onions moved from N1200 to N1500, N2800 to N3000 and from N1200 to N1400 respectively and a mudu of garri that was N400 and N350 before now sells at N500.
- A litre of vegetable oil also rose from N1500 to N1700.
– Coming to stay?
Traders and buyers share how they struggle weekly to keep up with the rapid pace of how prices change.
“My capital is not even enough for me to buy goods. Sometimes it seems I’ve lost my money but the truth is that I actually bought goods which are triple of what I used to buy before, I just don’t want to stay back home doing nothing,” said Hannah Abuh, a trader in Kubwa village market.
Ebuka Ike, who sells palm oil, rice, beans and garri, said he the rise has “come to stay.”
“I just laughed when customers fight me because of the high price of foodstuff. I understand their frustrations because that’s the exact way I feel when buying from my suppliers. This high cost of foodstuff has come to stay,” Mr Ebuka said.
Chidinma Uche, a self-employed nursing mother, said she no longer carries a price list to the market as it serves no purpose.
“I prepared my market list just to know the things to buy, I no longer add price tags on them because I don’t want to get disappointed or angry with anybody, whatever my money can afford is what I buy from the market,” she said.
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