@salmaparalluelo i.e Salma Paralluelo :
today 11 April, 2024
one paint container of YELLOW GARRI
( .. a staple food here in Nigeria.. )
costs
N2,800
if my memory serves correctly
at 4 weeks ago
it was costing
N2,500
Salma Paralluelo babe,
i am not sure
it is out of place to mention
that
at around
about May 28?, 2023
i.e
about 11? months ago
it was costing
N900??
.. if my memory serves correctly ..
any which way one looks at it
that is a
PRICE INCREASE
that
IS CONTINOUS
AND
HAS BEEN CONTINOUS
OVER
THE PERIOD OF TIME
say
May 28?, 2023
to
April 11, 2024
and it’s not clear if
the Managers of the Nigeria Economy
have the
requisite
Economy Management Skills
to
either
halt these inflationary trends
.. at least to achieve
some level of price stability
regarding the costs of food items ..
or
reverse them
.. if not completely
then
perhaps to
pre-May 28?, 2023 levels
or
if possible to
pre-May 28? 2015? levels
as it will probably be
a tall order
to seek to
revert food prices to
pre-January 1?,2012 levels.
it is a trend that
is
across board
across all food items
ranging
from
PURE SATCHET WATER
through
RICE
to
ANY OTHER FOOD ITEM
one can think of.
for example,
the cost of one Derica container of RICE
today
is
N1,500
up and increased
from
N600??
.. if my memory serves correctly ..
about 11 months ago
updating this post
today 20 May, 2024
it may have value
by way of
data update
to note that as at 25 April, 2024
one paint container of YELLOW GARRI
cost
N4,000
and
one Derica container of RICE
cost
N2,000
that’s an increase in cost
of N4,000 – N2,800 = N1,200
for
one paint container of YELLOW GARRI
within? a? 14? days? period?
or
if you will
a 42.8 % increase thus :
( N4,000 – N2,800 ) / N2,800 X 100 =
N1,200 / N2,800 X 100 =
42.8571%
for
one Derica container of RICE
that’s an increase in cost
of N2,000 – N1,500 = N500
within? a? 14? days? period?
or
if you will
a 33.3 % increase thus :
( N2,000 – N1,500 ) / N1,500 X 100 =
N500 / N1,500 X 100 =
33.3333%
as at 11 April, 2024
an average-sized egg
was going for N150 per egg.
this worked out at
N150 x 6 pieces = N900 for half-a-dozen eggs
and at
N150 x 12 pieces = N1800 for a dozen eggs.
for the 30 eggs size egg-crate,
this worked out at
N150 x 30 pieces = N4500.
by and as at 25 April, 2024
the prices had increased
and one average size egg cost N200.
that’s an increase of
N200 – N150 = N50
or
if you will
an increase of
( N200 – N150 ) / N 150 x 100 =
N50/N150 x 100 =
1/3 x 100 =
0.3333 x 100 =
33.33 %
the 33.33 % increase is
there
for all quantities of eggs
that the buyer may wish to buy
although the actual increases in cash amount / transaction amount may vary,
for example :
6 eggs cost
N200 x 6 eggs = N1,200
up from N900 previously
by N1,200 – N900 = N300
12 eggs cost
N200 x 12 eggs = N2,400
up from N1,800 previously
by N2,400 – N1,800 = N600
30 eggs size crate cost
N200 x 30 eggs = N6,000
up from N4,500 previously
by N6,000 – N4,500 = N1,500
by the way,
Salma ohbee nnkeh nm ( obi nkem ),
by way of explanation
for folks who may not be familiar with the Nigeria food market and it’s terminologies :
(1) DERICA i.e DE RICA : is the brand name of
a Tomato Paste product made in China
and
sold here in Nigeria.
it comes in various sizes
and
there at least 4 sizes.
the empty tin i.e used DE RICA tin
is used
for purposes of measurement
widely in Nigeria Markets.
the one Derica of rice that
cost N2,000 as at April 25, 2024
up from N1,500 as at April 11, 2024
is
measured out in Nigeria Markets using
the number 3 Derica tin ( counting from left to right )
in the 2 photos above.
(2) PAINT BUCKET OF GARRI : also, Salma nm, there may be a tendency for
the folk not acquainted with Nigeria Markets to
guess that
the empty bucket of paint used to
measure out the GARRI is
the large or extra large size.
the reality is that
empty paint buckets come in various sizes
and
the size used to measure out
the one paint bucket of GARRI at N4,000
as at 25 April 2024
( up from N2,800 as at 11 April, 2024 )
is
the smallest size i.e the 1 litre size
[ .. which is the smallest size shown in the photos immediately below .. ]
as at 11 April, 2024
a bag of Pure Sachet Water
was going for N350.
by and as at 25 April, 2024
the price had increased
and bag of Pure Sachet Water cost N500.
that’s an increase of
N500 – N350 = N150
or
if you will
an increase of
( N500 – N350 ) / N 350 x 100 =
N150/N350 x 100 =
3/7 x 100 =
0.428571 x 100 =
42.8571%
CONTINUED IN â– 2
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