PRICEPALLY FOOD PRICE INDEX
The Rise and Drop of Monthly Food Cost since 2020.
Pricepally is a digital food cooperative for African cities, providing access to farm-fresh foods at wholesale prices to individuals and businesses commencing with Lagos, Nigeria.
As part of our mission to solve problems across the food value chain in African cities, we identify Data as a pillar in our path to success. Since 2019 we have stayed committed to collecting cyclic data for record and forecasting prices alongside availability and traceability of food items.
This index is compiled from a basket of fresh food items a typical household purchases, such as Tomatoes, Onions, Capsicum Annum (Tatashe), Red pepper (Ata Rodo), Rice, Garri, Beans (Oloyin) and Beef.
By tracking the wholesale prices of these staples from major markets in Lagos monthly, we show the rate of price inflation in 2020, with the highest monthly price surge, marked at 40% in October and 34% & 32% in the following months.
Although inflation in food prices remains a recurring issue in Nigerian cities, we believe several factors are responsible for the further increase over the past sixteen months. Some of them include the COVID pandemic, the EndSars protests, and storage facility issues that have culminated in creating tension in the food supply chain.