PRESS RELEASE: Nigerians Experience Relief as Prices of Sugar, Indomie, Others Drop

PRESS RELEASE: Nigerians Experience Relief as Prices of Sugar, Indomie, Others Drop

There seems to be some form of relief at the moment for Nigerians, especially those in the low to middle income bracket, who have for some months now been affected by the nationwide food price hike, driven by the sharp inflation and economic pressures across the nation.

In recent months, Nigeria’s inflationary figures have surged astronomically, rising to an all-time high in two decades, to 29.90% in January 2024; with a corresponding 2.64% headline inflation, according to figures released by the National Bureau of Statistics (NBS). Food inflation also rose by 3.21%, with core inflation hitting 2.24%, while urban and rural inflation climbed to 2.72% and 2.57 % respectively, the NBS data showed.

But according to latest market surveys carried out last week around popular markets in the country, there seems to be a reduction in the prices of some food items. Among them is noodles, especially the popular Indomie Instant Noodles.

For instance, a 40-pack carton of Indomie Regular Chicken 70g, which sold for N10,650 now sells for N8,900. Indomie standard pack 100g, which sold for N15,000 now go for N12,300 per carton. In the same vein, the 40-pack carton of Indomie Super Pack Chicken Flavor 120g which sold for N17,950 now sells for N14,700

Other food items whose prices have fallen in the markets surveyed include sugar, rice, beans, semo, spaghetti and macaroni. A 50kg BUA sugar now costs N84,000, a Dangote 50kg sugar goes for N88,000, Stallion Long grain rice which sold for N88,000 now sells for N86,000, while the price for short grain rice fell to N78,000 from N80,000. Fifteen pints of Honeybeans which sold for N78,000 now sells for N75,000, while 32 pints of brown beans now sells for N155,000 as against the previous N165,000.

Confirming this, a wholesale and retail dealer of noodles range of products at the popular Wuse Market, Mrs Debola Tairu, particularly noted that the pri