The price of cooking gas, local and foreign rice, beans as well as tomatoes recorded a significant drop compared to the previous month’s hike in price due to the festive season in December.

However, major food items such as egg, melon, tubers such as yam and potatoes all recorded a month-on-month increase in price in the review month.

The prices of major staple food items have dropped in Lagos Markets compared to the prices recorded during the Christmas and New Year festivities.

The National Bureau of Statistics released inflation figures for the month of December in the past week, printing a headline inflation rate of 15.63% and food inflation of 17.37%, both representing an uptick compared to the previous month.

A major comment from most of the traders interviewed by Nairametrics Research team was that sales have been very low since the start of the new year, attributing it to the seasonal cycle typical of the month of January.

According to the traders, the buyers have stocked their homes with food items in the previous month while shopping for the Christmas and New Year celebrations. While talking to Mrs Esther at Daleko Market, she explained that it is typical for January to recorded dwindling sales because we are heading into a new year from a period of significantly huge spending