FLASH: Inflation In Food Prices Persist Despite Niara Strengthening
Lately, the Nigerian currency has shown continued strength against the dollar in the parallel market, raising hopes among Nigerians for a decrease in food prices. However, a recent market survey conducted by journalists presents a contrasting picture, revealing that while some food prices have remained stable from last week, others have actually increased.
For example, at the Maitama Market in Kubwa village, Abuja, the price of meat has held steady at N5000 per kilogram from last week to this week. Conversely, the price of hard chicken in the same market rose from N4700 to N5300 per kilogram during the same period, while Titus fish remained at N5000 per kilogram consistently.
The price of rice per mudu has remained unchanged, ranging between N2000, N2200, or N2400 depending on the variety, and beans have maintained a price of N2000 per mudu. However, crayfish saw an increase from N3500 per mudu last week to N4000 per mudu this week, while the price of garri per mudu remained stable at N1000 throughout.
Moreover, a medium carton of dried fish (asa) was sold for N90,000 two weeks ago, but the following Monday saw a price increase to N100,000.
In general, the Nigerian journalists have observed that food prices are still on the rise. Marketers attribute this trend to the persistently high cost of transportation, expressing their concerns about its impact.
