Rice prices drop by 12.96% while pepper surges 28.57% in May across Lagos markets 

Amid economic uncertainties, a 50kg bag of local parboiled rice recorded a sharp decline of 12.96%, now selling for an average of N53,570, compared to N61,550 in April.

Similarly, the price of a 5kg pack of Semolina dropped modestly, also did a kilogram of horse mackerel (Kote), offering slight relief to households battling shrinking purchasing power.

Market participants, including both sellers and consumers, responded to various influencing factors such as the cost of transporting food items to Lagos, which is affected by fluctuating fuel prices. Despite recent price adjustments, overall market prices remain high, with many noting that the decline in prices has been only marginal.

These reactions reflect a volatile price trend amid lingering inflationary pressures, high transportation costs, and off-season supply shortages.

Traders across surveyed markets expressed concerns over fluctuating diesel costs that impact the transportation of the food items from their harvest region and uncertain supply timelines from the North. Many blamed the price hikes on seasonal transitions and deteriorating road conditions that hamper the movement of perishable goods.

Consumers, meanwhile, continue to grapple with reduced food budgets. “Even when the price of rice goes down, it doesn’t make much difference because everything else is climbing,” a shopper at Oyingbo market lamented.

Shoppers in markets such as Mile 12, Oyingbo, and Mushin expressed cautious optimism over the price drops. “This reduction helps, but it’s not enough. Prices are still too high compared to last year,” said Mrs. Adeyemi, a trader and mother of four.

Others echoed similar sentiments, welcoming the reprieve but calling for sustained interventions to ensure price stability. “We need consistency. Today it drops, tomorrow it goes back up,” noted a shopper at Daleko market.

“Last month, N5,000 could hardly get me much. Now, I can buy rice and garri and still have change. Things are improving slightly.” — Mrs. Adeola, shopper at Mile 12 Market.

“Yes, tomatoes are a bit cheaper now, but you never know what next week will bring. Prices keep jumping up and down.” — Chuks, food vendor in Mushin.

Market analysts attribute the recent easing to better regional harvests, reduced hoarding activities, and a temporary stabilization in fuel and logistics costs. However, they warn that prices remain vulnerable to seasonal volatility and broader macroeconomic pressures.

Amid improved supply chains and reduced market hoarding, select food items recorded notable price reductions across major Lagos markets in May 2025.

While rice and other staples eased, several food items saw sharp increases in May.

Traders attribute the increases to off-season scarcity and supply disruptions from northern farms.

Traders attribute the increases to off-season scarcity and supply disruptions from northern farms.

According to the National Bureau of Statistics (NBS), Food inflation in April 2025 was 21.26% year-on-year, a significant 19.27% drop from 40.53% in April 2024 and a 0.53% drop from 21.79% in March 2025. On a month-on-month basis, food inflation declined slightly to 2.06% in April from 2.18% in March.

The sharp decline is attributed to the rebasing effect resulting from a methodology change from the beginning of the year.  However, the one-month decline as noted by the NBS was driven by reduced prices in staple food items such as maize flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.

This is the second consecutive month of decline in food inflation, suggesting easing pressure on household food expenditure, though the rates remain historically high.

In April 2025, Lagos State experienced a significant moderation in food inflation, providing some relief to consumers grappling with high living costs. Lagos recorded a year-on-year food inflation rate of 22.74%, a decrease from 24.20% in March 2025. On a month-on-month basis, food inflation in Lagos stood at 5.13%, slightly down from 1.2% in March.

The Naijaonpoint Food Price Survey showed that the prices of major food items across Lagos markets have been declining gradually since February 2025, with slight moderations in March 2025 and April 2025.

The statistics presented for Lagos State align with the findings from the April food survey conducted by Naijaonpoint, which recorded price declines in select food items. Furthermore, the continued decrease observed in this month’s market survey suggests a potential further drop in food inflation for May.

The Naijaonpoint Food Price Watch is a monthly market survey tracking the prices of major food items across Nigeria.

This report specifically covers four key markets in Lagos State: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12 Market.

The survey provides up-to-date insights into food price trends, helping businesses, policymakers, and consumers make informed decisions.