Residents of Akure, the Ondo State capital, have reported significant reductions in the prices of some food items, providing relief amid the lingering economic challenges.
A market survey revealed that the cost of a bag of garri has fallen from N55,000 to N35,000, while a basket of tomatoes now sells for N60,000, down from N80,000. Similarly, a 50kg bag of beans saw a sharp decline from N250,000 to N130,000, and a carton of spaghetti dropped from N35,000 to N23,000.
Rice prices also recorded a slight dip, with a 50kg bag now selling at N90,000, down from N93,000.
However, prices for some essential commodities have surged. A 25-litre container of palm oil increased significantly from N37,000 to N54,000, while the cost of rodo pepper skyrocketed from N15,000 to N45,000.
Shoppers have expressed mixed reactions to the changes. A trader, Funmi Adebayo, noted, “The reduction in garri prices has helped families a lot, but the rising cost of palm oil and pepper is making soup preparation more expensive.”
Economists have highlighted the need for improved agricultural policies to sustain the price reductions and address supply chain issues causing inflation in other items.
