Consumables: Tomato Price Declines By 350%, Rice Up 52.9%, Garri Stable In Q3

Although inflation rate has risen to 17.13 per cent in July, the price of tomatoes, one of the items in the food basket dropped by 350 per cent while the price of rice continue to increase, rising by 52.9 per cent in recent months. It was however discovered that the price of garri remained stable during the period.
According to a survey conducted by Leadership in Ilepo market and across various markets in Lagos, the increase in the prices of consumable commodities such as tomato have been due to the change in season, while the increase in the price of rice have been attributed to the ban in the importation of goods to its nation Nigeria.
Nigerians who have groaned on the increment of the commodities are as well happy about the drastic decline in the price of tomato. A basket of tomato which used to sell at the rate of N18,000 between July and August is now sold for N4,000 a decline of 350 percent.
While Nigerians are still waiting for the reduction in the prices of rice which its formerly sold for N11,800as at January this year is now sold at the rate of N17,000 and N18,000 an increase of 52.9 percent and between August and this week sells at the rate of N15,500 and 16,000 a 12.5 decrease.
A trader who preferred to be referred as Alhaji, said some traders have taken advantage of the rising inflation to further increase the price of commodities. According to him “the increase of commodities is not directly from the federal government, its from the seller of that the product/goods.
“For example, when a person buy rice from the direct source at the rate of N14,000 and now comes to the market and sell it for N17,000, I think that’s unfair. Although, the government has their own part to play also in the nations economy by trying to first diversify it and as well make sure Nigeria has plenty of reserve before closing the borders against importation of consumable goods especially rice.”

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