Market Relief: Food prices drop after months of soaring costs 

This development has brought relief to traders and households struggling with high food costs.

The latest monthly market survey conducted by the Naijaonpoint research team this month highlights notable price reductions across major markets, indicating improved supply and market stabilization.

The prices of several staple food items dropped significantly due to increased supply from local farmers who have commenced harvesting. Notably, the highest decline is the price of a big bag of onions which fell sharply by 43.2%, driven by an influx of fresh supplies from major producing states.

In addition, price reductions were recorded for egusi (melon), white garri, beans, frozen fish varieties (kote and Titus), a 25-litre gallon of vegetable oil, and yams.

Conversely, some food items witnessed an increase in price due to supply shortages and rising demand from manufacturers of processed food items. These include a big bag of round and oval-shaped tomatoes, 1kg of Honeywell wheat meal, and a packet of Golden Penny pasta.

Prices of some essential goods remained relatively stable, experiencing only marginal fluctuations.

The price movements recorded in this report are as a result of a physical market survey conducted by Naijaonpoint in four markets in Lagos – Mushin, Oyingbo, Mile 12, and Daleko.

Items that recorded a price decrease 

Despite the price drop in essential food items, some items experienced an increase:

The National Bureau of Statistics (NBS) released its rebased Consumer Price Index (CPI) on Tuesday, February 18, 2025, which showed that Nigeria’s headline inflation rate dropped to 24.48% in January 2025.

Key insights from the NBS report:

Traders and consumers across Lagos markets expressed relief over the price reductions, sharing their experiences with the Naijaonpoint research team: