Prices of grain, most especially rice and beans, have been witnessing a reduction for a couple of weeks now.
According to market research conducted by encomium.ng, rice which was not within the reach of the masses before has now crashed.
A bag of rice now goes for as low as N15,000 compared to N22,000 and N23,000 it was sold weeks back.
A paint bucket of beans goes for N1,800 (Oloyin), drum goes for N1,400 per paint bucket while Olo is sold to N1,600.
Before now, a paint bucket of beans was sold for N2,000, while some were selling N2,200 per paint bucket.
A derica of rice is now between N200 – N220 as against N300 -N250.
Speaking with encomium.ng about this development, Chibuzo, a rice seller stated, “Prices of food stuff has been dropping and we pray it would continue to drop. I try as much as possible not to stock so much so I wouldn’t lose out in case of another crash.”
Ifeanyi also corroborated our findings about the reduction in prices of food stuffs.
“I was in the market last week, the price of rice has really reduced. I got some for N15,000, N14,000. I pray the price would go back to what it used to be before recession.”
Here are price list for different brand of rice (50 kg)
Caprice – N16,000
Mama Gold – N15,000
Masante – N14, 500
African King – N15,500
Royal Thai – N16,500
My Choice – N15,000
India rice – N16,000
Stallion – N14,000
Agric – N14,500
– Shade Wesley Metibogun and Sukurat Alimi