• Sunday, July 14, 2024
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BusinessDay

Prices of beans, maize, palm oil increase after festivities

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The prices of beans, maize and palm oil have increased in Lagos markets, according to a survey by Novus Agro Nigeria Ltd, an agro firm.

This is contained in the latest edition of the firm’s commodity index, which was made available to journalists on Friday in Lagos.

It said that the survey was carried out from Jan. 2 to 8.

The firm monitors the prices of commodities in 50 major markets in 25 states of the federation.

The index showed that a 100 kilogramme (kg) bag of beans now sells for N16,500, from the N16,000 it sold for before the Xmas break.

A 100kg bag of maize also increased by N300 to sell for N5,800, from the N5,500 it sold for last week but the paint bucket measurement of the product remained at N300.

In the period under review, a 25-litre keg of palm oil, which sold for N6,625 last week now sells for N6, 900, while prices of the various bottle measurements had not changed.

Obiajuru Luya, the Strategy Manager of the firm, said that the festivity period was still the major cause of the increment.

“The yuletide is still the major cause of the price increases because traders haven’t exhausted their old stocks. The supply from last year has not run out and demand has increased due to resumptions at work and the schools, after the celebrations.

“Palm oil is currently out of season, therefore, supply is reduced and prices will naturally go up,” Luya said.

However, Luya said the prices of imported rice and onions have reduced.

A 50 kg bag of imported rice, which sold for N8,250 now sells for N8,100, while a 100 kg bag of onions sells for N23,600 from the N24,500 it sold for last week.

Meanwhile, other commodities like 60 kg bag of garri, 100kg bag of groundnut, 100kg bag of sorghum, and 100kg bag of soya beans remained stable at the market.

The commodities sold for N6,000; N22,000; N7,000 and N13,500, respectively, the prices they were before the Xmas and New Year celebrations.

(NAN)