From: Bamidele Fashube, Abuja
Temitope Olugbile, Research Analyst, Financial Derivatives Company, on Tuesday said Nigerian consumers should expect a reduction in the cost of farm commodities especially tomatoes a major perishable farm produce.
She disclosed this in Lagos during Business Morning, a popular Channels TV programme.
Currently, 50kg of Garri is sold at N6,250; 50kg of Rice is N16,000 and 50kg of Flour is N17,000. Other commodities such as 50kg Cement is currently sold at N2,550; 50Kg of tomatoes at N20, 000 and a bag of pepper is N8,500.
Last month inflation put at 11.4 was attributed as one of the factors responsible for the increase but it reduced to 11.22 in July.
She however noted that most of the commodity prices increased due to the planting season.
The cost of tomatoes in particular, (50kg) per bag which is currently N20, 000 sold at N18, 000 last month.
“We saw that a bag of tomato is as high as N20, 000 and it is not good for the average consumer. But as the harvest season draws close, we expect influx of this commodity hit the market towards the end of the year.”
She emphasised prices of the commodities could decline in coming months, attributing logistics as a contending issue which contributes to post harvest losses and also prevents farmers from transporting their farm produce to the market.