7/16/2016

Inflation As price Of Beans Soar At Lagos Market


The price of 100 kg bag of beans at the popular Mile 12 Market in Lagos, has slightly increased from N 22 , 000 to N 23 ,000 . This new price regime is contained in a commodity index provided by Novus Agro Nigeria Ltd on Friday in Lagos .
Enumeration Specialist at the agro firm , Miss Avadoo Gaadi , said the reason for the increase was due to few numbers of farmers planting beans due to inadequate rainfall coupled with high demand for beans.

“Our inquiries from beans 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 ,’’ she said .

Miss Gaadi however, explained that the price of a paint bucket measure of beans remained stable at N 1 , 000 at the market last week.

According to the firm ’ s findings , the price of 100 kg bag of onions reduced slightly to N 16 , 500 as against the N 16 , 667 it sold a week earlier while 2 kg bag of onions goes for the same price at N 500 .

However, the prices of other commodities remained stable at the market , a development the agro company attributed to epileptic rainfall and the low purchasing power of consumers .
For instance , the price of a 50 kg bag of imported rice was stable at N 13 ,500 while 100 kg bags of groundnut , sorghum, soya beans and maize sold for N 26 , 000 , N 10 ,000 , N 7 ,000 and N 11 ,000 respectively.

The price of 60 kg bag of garri was also stable at N 12 , 800 .