Business Hilights
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Food, beverage prices jumping exponentially since FG mulled price control

Investigations since the beginning of the year by Business Hilights have shown that prices of food stuff and beverages had been on upward trend without any signal of dropping any time sooner.

This may have prompted the federal government to begin a control effort with a committee to see how food prices can be controlled.

For example, the price of a 50kg of Rice jumped since the ban on land border importation from average of N10,000 to N23,000. Price of a bunch of Plantain moved form N1,800 to over N3,000 now while a Derica cup of beans which had been averagely at N160 jumped to N300.

A bag of Garri that sold for N5,600 is now N15,000.

Just weekend, data gathered from Nairametrics website showed that price data generated from various markets the price of Dano and Three Crowns refill now sell for N800 each compared to N700 and N650 respectively two weeks ago. These products both went for N600 and N700 respectively in September 2016. We also observed price increases for Loya refill (7%) and Coast refill (8%) with both now selling for N750 and N700 respectively.

Milo, Bournvita, Ovaltine and Nescafe also recorded spies of about between 6%-7% in the period under review further reducing the purchasing power of most Nigerians. Most Nigerians rely on these beverages for their breakfast and will either have to reduce the amount of usage or chip in further at their disposable income to afford them.

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