Residents of Akure, the Ondo State capital, are witnessing a significant reduction in the prices of some food items, even as the festive season approaches.
Market surveys carried out by The Nation revealed that the cost of a bag of garri has plummeted from ₦55,000 to ₦35,000, while a basket of tomatoes now sells for ₦60,000, down from ₦80,000.
Similarly, the price of a 50kg bag of beans has dropped sharply from ₦250,000 to ₦130,000.
Other staples like spaghetti and rice have also seen slight reductions. A carton of spaghetti, which previously cost ₦35,000, is now ₦23,000, while the price of a 50kg bag of rice has decreased marginally from ₦93,000 to ₦90,000.
However, not all commodities have followed the downward trend. The cost of palm oil has surged, with a 25-litre keg now priced at ₦54,000, up from ₦37,000. Additionally, the price of rodo pepper has skyrocketed from ₦15,000 to ₦45,000.
Despite the rising cost of some items, the overall decline in food prices is a welcome relief for many households, particularly as they prepare for the festive season.
Economic analysts have highlighted the need for sustained interventions to stabilize prices, especially for essential items experiencing sharp increases.
Meanwhile, traders and consumers in Akure hope the favourable trends will extend to other commodities in the coming weeks.
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