By Joy Joseph
Despite the National Bureau of Statistics (NBS) reporting a slight moderation in inflation, food prices in Ibadan markets between June and August 2025 tell a story of volatility, resilience, and the struggles of households adjusting to Nigeria’s economic realities.
A market survey revealed that rice, Nigeria’s most consumed staple, recorded the sharpest fluctuations. In June, a 50kg bag of imported rice sold for between ₦63,000 and ₦72,000. By August, the price surged to about ₦75,000. Nigerian rice, which was unavailable in June, resurfaced in August at ₦65,000 per 50kg bag.
Retail prices mirrored this gap. A congo of Nigerian rice sold for between ₦2,500 and ₦2,700, compared to ₦3,000 for imported varieties. Traders said the rising cost of foreign rice has forced many households to embrace the local option.
Experts attribute the volatility to Nigeria’s heavy reliance on imports, border restrictions, and local production hurdles such as flooding, insecurity, poor irrigation, and high transport costs. Imported rice remains highly vulnerable to naira depreciation and shifting trade policies. Nigeria had earlier prioritised local rice production between 2015 and 2019 through measures such as border closures and the Anchor Borrowers Programme.
Other foodstuffs were more stable. Noodles have maintained the same price since January, while spaghetti and garri recorded slight price drops between June and August. Vegetable oil inched upward, while beans prices held steady for over four months, with oloyin gidi selling for ₦2,500 per congo, oloyin pelebe ₦2,300, and drum beans ₦2,000.
Perishables like tomato and pepper were less predictable. Heavy rainfall and erosion drove prices up in June, but by August, both Yoruba and Hausa varieties became available in larger quantities, easing costs. Fish prices also shifted: panla fish, which sold for between ₦57,000 and ₦47,000 per carton in June, fell to ₦40,000–₦42,000 in August. Sellers linked the changes to rising petrol costs and the high expenses of transporting fish from Lagos to Ibadan.
Yam prices followed seasonal patterns. June saw mostly old stock in the markets, but from late July through August, the arrival of new yam eased prices after May’s scarcity. In Ibadan, the new yam season typically begins in late July, peaking in August and coinciding with cultural New Yam Festivals celebrated across Nigeria.
According to the NBS, Nigeria’s headline inflation eased slightly to 21.88 percent in July from 21.97 percent in June, while food inflation slowed to 22.74 percent year-on-year. However, rice remains the most unpredictable staple.
“Rice is the only commodity whose price is not stable because they don’t allow buyers to bring in foreign rice,” a trader in Bodija market explained.
For many households in Ibadan, the price swings underscore a deeper reality: while inflation may have slowed on paper, on the dining table, food security is still fragile and dependent on factors beyond consumers’ control.
