Lagos food markets recorded a mixed performance in May, with prices of key staples moving in opposite directions amid economic headwinds.
A 50kg bag of local parboiled rice fell sharply by nearly 13%, now averaging ₦53,570—down from ₦61,550 in April—offering some relief to price-weary consumers.
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Modest declines were also observed in Semolina and horse mackerel (Kote), easing pressure on household budgets already stretched by inflation.
Analysts link the trend to improved regional harvests, less hoarding, and a temporary dip in fuel and logistics costs.
However, they caution that food prices remain exposed to seasonal shifts and broader macroeconomic challenges.
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