Business

Beans, tomatoes, rice record 253%, 123%, 51% price hike in Kwara

By Mike Adeyemi

The prices of major food items, such as beans, tomatoes, rice among others have witnessed a significant surge in Kwara State, National Pilot learnt.

A market survey carried out by our reporter Thursday across markets in Ilorin metropolis showed that staple food commodities have witnessed astronomical price hikes.

The reports showed that in less than a year, the cost of 50kg bag of beans rose by about 253 per cent, a basket of tomatoes leaped by 123 per cent, while the price of 50kg bag of rice rose by 51.48 per cent.

Other commodities such as bread, garri and onions also witnessed sharp increases during the period under review.

The cost of one mudu of rice was N420.63, while 50kg bag of rice was between N21,125 and N28,500 last year as against a price surge during the first quarter of this year when a mudu of rice has risen to N500, and 50kg bag of rice was between N23,750 and N24,500.

The increase continues till now as one mudu of rice rose to N1,100, while 50kg bag of rice increased to an average of N32,000.

Early this year, the price of a mudu of beans had climbed to N373, while 50kg bag of beans was N30,000.

The increase has continued as one mudu of beans costs N900, while 50kg of beans had risen to N45,000.

Between the fourth quarter of last year to the second quarter of 2021, the cost of 1kg of onions rose from N180.56 to N411, while one big bag of onions climbed from N17,000 to N21,500.

At Mandate Market, a trader, Bako Ibrahim said the reason for the increase in the prices of beans was that few farmers plant beans as a result of inadequate rainfall coupled with high demand for beans.

“Our inquiries from the producing states in the country revealed that last year , few farmers planted beans due to scarcity of rain.

“We do not have enough beans in the market right now, and there is high demand for the commodity. People who have beans in stock are holding on to what they have while those who are willing to sell are giving it out at high prices,” he said.

Bako however explained that the price of a tin of paint measure of beans remained stable at N1,000 at the market last week.

Another trader,Taiwo Hassan at Yoruba Road Market said a bag of rice sold for N24,500 and a carton of spaghetti went for N5,600 from N5,200 adding that Golden Noodles is being sold for N2,100 from N1,800, while the price of Indomie ranged from N2,500 to N2,600 per carton.

It was observed that a 25-litre gallon of vegetable oil costs N27,000, while one litre goes for N900. Five litres of palm oil is now N3,600 from N2,800.

At the Mandate Market, Spaghetti (Crown) is sold at N5,400 from N3,200, while Golden Penny goes for N5,800 from N3,200. A bag of rice was sold at N24,000.

At Ipata Market, a measure of rice sold for N2,200 from N120. Semovita (10kg and 5kg) goes for N5,500  and N2,500  respectively, while a gallon of vegetable oil is sold for N19,000.

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