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Traders have decried the unprecedented hike in prices of commodities., saying the market system has become so unpredictable.
Nigeria has recorded an average of about 28.2 per cent increase in the prices of major food items within the last few months.
The situation has plunged the citizens into a financial crisis fueled by hyperinflation.
A market survey carried out on food prices across the Federal Capital Territory, FCT, and its outskirts indicated that the prices of food items have been on a steady rise in the last few months.
The food items monitored include yam, rice, beans, vegetable oil, palm oil, tomatoes, pepper, maize, onion, and millet. Others are noodles, spaghetti, sugar, wheat flour, meat, garri, wheat, and guinea corn.
A cross-section of traders in the FCT markets and its outskirts spoke to Journalist about their experiences orchestrated by the current economic realities in their various lines of businesses.
A skin care consultant at the Mararaba market, an outskirt of the FCT, Uche Ikechukwu, said the current economic situation had almost put him out of business.
“I don’t get customers like I used to. My customers are cutting down on skincare purchases to prioritise other essentials like food and transportation, and that is affecting sales significantly. Restocking has become a daunting task as costs continue to soar,” he said.
A foodstuffs retailer in the same market, Mrs Nkechi Ubani, lamented that the increase in prices had continued to threaten her business.
She said, “I buy foodstuffs from the market wholesale and sell them. But these daily changes in the prices of items are affecting me so much that I find it difficult to buy the items.
“Do you know that three days ago I bought a carton of spaghetti for N13,000, today I was told it was N14,000. Now, when you add to the cost of each one today, by the time you return, the prices will have gone up again.
“So, you will be forced to add more money. A bag of beans is now N120,000, whereas it was N70,000 before. People are going for anything cheap now. Many families are hungry.”