Esther Edokhagba

As the high cost of living continues to bite harder,  experts have predicted that prices of food items will soon increase, exacerbating the hardship currently faced by Nigerians.

Recall that The Hope reported Nigerians sending  Save Our Soul message to President Bola Ahmed Tinubu, urging him to address the high inflation currently witnessed in the country.

The Consumer Price Index from the Nigerian Bureau of Statistics in October showed that the inflation rate increased to 27.33 percent, the highest in the country’s history.

A recent market survey by The Hope across markets in Ondo State revealed that prices of commodities and services continue to skyrocket, with sellers and buyers expressing uncertainty about when the prices will fall.

Traders have disclosed that as we approach the festive period, prices of food items will soar even further.

We found that a 50kg bag of foreign rice is sold for N58,000 to N62,000, depending on the brand, while local rice is sold for N46,000 to N50,000.

A 25-litre keg of palm oil has increased from N20,000 to N27,000, and groundnut oil has risen from N30,000 to N36,000.

The price of a bag of onions has doubled, as a small ball is sold for N50, while garri, which used to be a staple food for the poor, has become a ‘gold’.

One of the traders, Mr. Olarewaju Emmanuel, said the prices of food items are increasing every day, and the prices will rise further in the coming days.

He added that both sellers and buyers are frustrated with the situation as the purchasing power of the customers has dropped.

A dealer in food items, Mrs. Vivian Chinyere, said the prices of food items would further increase in December.

She informed The Hope that a bag of rice might be sold for as high as N70,000 and above, and traders have started reducing the quantity found in a 50kg bag of rice.