Lagos Food Prices Surge in March 2026 as Fuel Costs Drive Inflation — The Business Bureau

By Queen Madaki | The Business Bureau

Market Data Signals Broad-Based Price Increase

The survey indicates a widespread increase in food prices across Lagos, Nigeria’s largest consumption hub.

43 items recorded price increases in March, up from 23 in February
Only 13 items declined in price, compared to 35 in the previous month
12 items remained unchanged, indicating limited price stability

Analysts note that Lagos’ heavy reliance on transported food supplies amplifies the impact of rising logistics costs on consumer prices.

Despite earlier signs of inflation easing, the March data suggests renewed upward pressure, particularly within food categories.

Staple Commodities Record Sharp Increases

Major staple foods recorded significant price increases, with some items rising by over 100% within one month.

Pepper recorded one of the most dramatic increases:

Medium bag: N32,000 to N80,000 (+141.38%)
Big bag: N58,000 to N140,000 (+150%)

Tomatoes also saw sharp gains:

Big basket: N40,000 to N60,000 (+50%)
Oval basket: N25,000 to N35,000 (+40%)

Beans prices surged significantly:

Brown beans (50kg): N50,000 to N85,500 (+70%)
Oloyin beans: N45,000 to N75,000 (+66.67%)
Larger variants exceeded N180,000

Fish prices also increased sharply:

Kote (horse mackerel): N5,000 to N8,500 (+70%)
Titus (mackerel): N7,000 to N9,500 (+35.71%)

Other notable increases include:

Olaola poundo yam flour: +34%
Dry onions (big bag): +21.05%
Poweroil (2.6L): +14.68%
Abuja yam: +12.5%

Processed food categories such as pasta, noodles, and beverages recorded moderate increases ranging between 0.32% and 10%.

Limited Price Declines in Select Categories

A small number of food items recorded price declines, mainly in grains and processed wheat products.

Honeywell flour (10kg): N14,000 to N12,000 (-14.29%)
Semovita (5kg): N7,500 to N6,500 (-13.33%)
Mama’s Pride rice (50kg): N65,000 to N57,500 (-11.54%)
Garri (white, 50kg): N22,000 to N20,000 (-9.09%)

Other minor declines were observed in egusi and ogbono, though the scale of reductions remained modest relative to overall market increases.

Transport Costs Identified as Key Inflation Driver

Market participants attributed the surge in food prices to rising transportation costs linked to higher fuel prices.

“The cost of moving goods from the North has gone up significantly. Even loading charges have increased because everything depends on fuel,” a transporter at Mile 12 market said.

“Transporters increased their charges almost immediately, and we had no choice but to adjust prices,” a trader at Daleko market noted.

Consumers also expressed concern over affordability as staple food prices continue to rise.

Economic Implications

The surge highlights the structural sensitivity of Nigeria’s food supply chain to energy costs.

As fuel prices increase, logistics expenses rise across the distribution network, directly impacting retail prices in urban consumption centres like Lagos.

Analysts warn that sustained increases in fuel costs could prolong food inflation, placing additional pressure on household incomes and consumer demand.

Outlook

While some categories showed minor price corrections, the overall trend points to renewed inflationary risks within Nigeria’s food market.

Future price movements will depend largely on fuel price stability, supply chain efficiency, and seasonal agricultural output.

For now, Lagos markets remain under pressure, reflecting the broader economic link between energy costs and food inflation.

Petrol Price Spike Drives Food Costs Up in Lagos Markets