Food prices across major Lagos markets surged sharply in March 2026, driven primarily by rising petrol costs that escalated transportation and logistics expenses, according to the latest Research physical market survey tracking 68 food items across Mushin, Daleko, Mile 12, and Oyingbo markets.
The survey revealed a sharp reversal from February’s modest easing, with 43 items recording price increases in March, compared with 23 in February.
Only 13 items declined, while 12 remained stable, highlighting limited areas of price relief.
The spike has been linked to fuel price hikes that began in late February, when pump prices rose from N875 to N960 per litre, while Dangote Refinery increased its price from N774 to N874 per litre.
Analysts note that the surge was fueled by global oil price volatility tied to ongoing conflicts in the Middle East.
Staple foods bore the brunt of the increases, with pepper, beans, tomatoes, and fish seeing some of the most dramatic rises.
Pepper prices for a medium bag jumped from N32,000 to N80,000 (141.38 per cent), and a big bag surged from N58,000 to N140,000 (150 per cent). Traders cited both seasonal scarcity and rising transport costs as drivers of the hike.
Tomatoes rose 50 per cent for big baskets (N40,000 to N60,000) and 40 per cent for oval varieties (N25,000 to N35,000), as supply from northern farming belts declined.
Beans also experienced sharp increases: brown beans (50kg) climbed from N50,000 to N85,500 (71perc ent), while Oloyin beans rose from N45,000 to N75,000 (66.7 per cent).
