Food prices continue to surge across major markets in Lagos State, as the price of pepper jumped by 100% in just two weeks. This is according to the latest food price market survey, carried out by Nairalytics, the research arm of Nairametrics across four major markets in Lagos – Mushin, Daleko, Oyingbo, and Mile 12 Markets.
A big bag of pepper that was sold for an average of N20,000 two weeks ago, has doubled in price to sell for an average of N40,000 across various markets in Lagos State. According to traders in the market, the significant rise in the price of pepper was attributed to seasonal fluctuations and scarcity of food items.
Nairametrics reported that the exchange rate depreciated as low as N718/$1 in the month of July 2022, which triggered a spiral surge in the prices of goods and services in the country, as many importing companies lamented FX scarcity.
[ N100 = €0,24 ]