By Akinnodi Francis
The prices of household items across major markets in Ondo state have continued in the upward trajectory, as staples such as beans, rice and palm oil recorded significant jump.
According to the latest The Hope survey, the price of a big bag of beans (Oloyin) increased significantly from N14,000 to N16,000, up from an average of N20,000 some weeks ago.
“Also, a big basket of sweet potatoes initially sold for an average of N14,500, jumped to an average of N18,000 indicating a 24.1% increase in price within two weeks.
Details of items that recorded an increase in price, items that recorded price decline, items that maintained the same prices and key insights were included in the report.
A big bag of melon that was initially sold for an average of N42,000 late in July is now being sold for an average of N46,500.
A five litres gallon of palm oil increased to sell for an average of N2,000 while a 25 litres gallon now sell for an average of N11,000 compared to N9,000 recorded last month.
A 50kg bag of foreign rice now sells for an average of N30,000 compared to N23,000, while a 50kg bag of small foreign rice now sold for an average of N28,000 compared to N21,000 recorded some weeks ago.
A bag of local rice with 70 rubbers also spiked to sell for an average of N52,500 compared to N42,000 recorded last month. Also, a bag of white beans that was initially sold for an average of N18,500 now sells for an average of N24,000.
Meanwhile, some of the items which recorded a slight decrease in price compared to two weeks ago include: The price of a big basket of round shaped tomatoes declined by 3.3% to sell for an average of N14,500 compared to N15,000 initially recorded.
A medium-sized basket of round shaped tomatoes also sells for an average of N8,500 from an initial average of N10,000 indicating a 15% reduction in price.
Also some Items maintained initial prices; A 10kg bag of Rice master still sells for an average of N4,000.
A carton of 210g size of Indomie continues to sell for an average of N3,200 across Ondo markets.
A big basket of an oval-shaped basket of tomatoes sells for an average of N12,000, while a small basket sells for an average of N7,500. A big bag of pepper sells for an average of N7,500, while a medium-sized bag maintains an average of N4,500.
According to some traders in the market, the prices of food items is expected to reduce in the coming weeks.
A trader at Oja Oba in Akure, Mrs. Omotayo Samuel, told The Hope that, prices of food items will soon reduce as we move closer to the end of the rainy season”.
She complained about the effect of the Covid-19 lockdown and how it continues to drive down sales, hoping that things improved in coming weeks.
According to Mrs. Adeoye at Ondo market, “Sales have dropped significantly in the past months as prices of food items continue to increase and worsened by COVID-19 pandemic.
“I think the increase in prices of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day”.
Meanwhile, in an interview with a trader at Oja Oba, who requested to remain anonymous, revealed that the hike in prices of some commodities in the market was anticipated due to scarcity as a result of rainy season.
“For instance, price of palm oil and some other items like yam, potatoes usually increase during the rainy season, so we are not surprised. After the rainy season, the prices will most likely drop compared to their current value in the market”.
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