Drop in food price prices excites Nigerians Newsdiaryonline

Some residents of Bauchi, Gombe and Dutse have expressed joy over the drop in food prices in recent weeks.

A check by the News Agency of Nigeria (NAN), in Bauchi, Gombe and Dutse markets, showed that food prices decreased slightly as against galloping inflation in the past months.

NAN reports that prices of parboiled rice, maize, beans and millet also dropped by about 10 per cent in the markets across the states.

In Gombe, a 50 kilogramme bag of foreign rice was sold at N66,000 as against N82,000, while a 100kg bag of local variety rice sold at N120,000 as against N130,000.

Also, a measure of beans was sold at N1,800 as against N1,900, while a 100kg bag of the produce sold at N78,000 as against its previous price of N83,000.

However, perishable produce showed marginal increase in prices as a medium size basket of tomato sold for between N8,000 and N11,000 as against its old price of N9,500 and N13,000, depending on its quality.

A bag of onions which previously sold between N13,000 and N20,000 now sold at N12,000 and N18,000, respectively.

At Wunti market in Bauchi, prices of maize indicated similar decrease as a 100kg bag sold at N58,000; beans N75,000, soybeans N32,000 and sorghum N43,000, as against its old prices of N60,000; N75,000, N80,000 and N50,000, respectively.

In Dutse grain market, a 100kg bag of local variety rice sold at N140,000 as against N160,000, while millet sold at N68,000 as against N72,000, it sold in the past weeks.

Similarly, a 100kg bag of maize and sorghum sold at N68,000 as against N72,000, and wheat sold at N80,000 as against N88,000.

Grain dealers at the markets attributed the development to the Federal Government’s ban on bulk purchase of grain and implementation of proactive monetary policies in the country.

Alhaji Danjuma Jahun, a rice dealer in Bauchi, said the measures adopted by the government checked hoarding and improved food supply.

“The reduction in prices is because of the government’s action to ban bulk buying of grain in the markets,” he said.

Another dealer, Isa Munkaila, said that prices would further go down in view of the improved supply to the markets.

He called for improved power supply to rice mills to encourage productivity.

Moreso, Bala Abdullahi and Musa Adamu, who expressed happiness over the development, commended the food palliative programme initiated by the federal and state governments.

Abdullahi said the programme checked inflation and enhanced food security in the country, adding that prices would further crash as cropping season sets in. (NAN)

By Reporters