Onion prices soar 27% in four days as maize, tomatoes get costlier

Market price data for the four-day period show that a 70-kilogramme bag of dry-season onions rose from N105,000 to N130,000, an increase of N25,000 or 23.8 per cent. Wet-season onions recorded an even larger percentage increase, climbing from N75,000 to N95,000 per 70kg bag, up N20,000 or 26.7 per cent.

Dried white maize also became more expensive, with a 100kg bag rising from N38,000 to N45,000, an increase of N7,000 or 18.4 per cent. Ordinary tomatoes rose by N5,000, from N40,000 per 50kg basket to N45,000, representing a 12.5 per cent increase.

Hybrid tomatoes followed the same direction, increasing from N35,000 to N40,000 per 25kg crate, also up N5,000, or 14.3 per cent. Carrots rose from N50,000 to N55,000 per 60kg bag, a 10 per cent increase, while sweet potatoes climbed from N45,000 to N50,000 per 100kg bag, up 11.1 per cent.

The increases point to mounting price differences across several produce categories within a short period.

Onions recorded some of the most pronounced increases in both absolute and percentage terms. By October 9, dry-season onions cost N130,000 per 70kg bag, compared with N95,000 for wet-season onions of the same weight.

The difference between the two varieties widened from N30,000 on October 5, when dry-season onions sold for N105,000 against N75,000 for wet-season onions, to N35,000 four days later. Dry-season onions therefore remained more expensive, with the price premium increasing from 40 per cent to 36.8 per cent relative to wet-season onions when measured against the wet-season price.

Despite the widening naira gap, the percentage premium narrowed slightly because wet-season onions recorded the faster proportional increase over the period.

Not all commodities became more expensive. Tatashe prices fell from N40,000 to N35,000 per 25kg bag, a decline of N5,000 or 12.5 per cent, making it the only listed commodity with a price reduction between the two dates.

Atarugu, also known as rodo, remained at N35,000 per 20kg bag, while shombo, or bawa pepper, held steady at N30,000 per 20kg bag. Okro remained unchanged at N15,000 per 20kg bag, cabbage at N45,000 per 30kg bag and cucumber at N30,000 per 30kg bag.

Irish potatoes also held steady at N85,000 per 50kg bag, making them the most expensive item by listed package price on both dates.

Onome Amuge serves as online editor of Business A.M, bringing over a decade of journalism experience as a content writer and business news reporter specialising in analytical and engaging reporting. You can reach him via Facebook ,X and LinkedIn

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