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Consumer Goods Prices Increase Despite Stable Economic Indicators
Prices of several fast-moving consumer goods in Nigeria’s retail market recorded fresh increases, with some dairy and cereal products posting increases of up to 66.7 per cent despite a relatively stable macroeconomic environment.
The latest market data, obtained on Thursday from the brand and commodity data analytics platform, Price and Promo, showed that Cowbell Vitarich Filled Cream 12g Sachet recorded the highest price increase, rising 66.7 per cent to N250 from N150 in Mushin, Lagos.
The second-highest increase was recorded by Cowbell Vitarich Dairy Cream 12g Sachet, which rose 33.3 per cent to N200 from N150 in the South-East.
Among cereal products, Golden Morn 45g Sachet +1 Extra climbed 28.6 per cent from N350 to N450 in Mushin, Lagos, while Kellogg’s Go Grains & Multi Grain 45g Sachet increased by 20 per cent to N300 from N250.
Similarly, Golden Morn Maize & Soya 30g Sachet Buy 10 Get 1 Free rose 16.7 per cent from N300 to N350 in the South-East.
The data indicated that cereals and dairy products dominated the list of price increases during the review period, suggesting sustained cost pressures in those product categories.
However, the report also showed notable price reductions in some seasoning and breakfast products. Maggi Star Beef Cube 4g x 20’s Sachet and Maggi Star Cube 4g x 100’s Sachet both fell 40 per cent, dropping from N50 to N30 in the South-East.
Onga Stew Powder 6g Sachet declined 33.3 per cent from N150 to N100, while Checkers Custard & Vanilla 45g Sachet also fell 33.3 per cent to N200 from N300 in Mushin, Lagos.
Kellogg’s Corn Flakes 25g Sachet also recorded a price reduction, dropping from N250 to N200, representing a 20 per cent decline.
The Price and Promo analytics platform stated that the figures reflect the highest validated retail prices observed across its covered markets during each observation period, allowing for consistent comparisons over time. The platform adopts a bi-weekly data collection schedule.
Price and Promo noted that its methodology provides a conservative measure of consumer price exposure by using the highest verified retail price recorded rather than temporary promotional prices.
The report also showed that Nigeria’s broader economic indicators remained relatively stable during the review period. Headline inflation edged up to 15.93 per cent in May from 15.69 per cent in April, while the naira traded at N1,360.07/$ on the Nigerian Foreign Exchange Market, compared with N1,357.26/$ in the previous period.
The Monetary Policy Rate remained unchanged at 26.5 per cent, although the average commercial lending rate increased to 29 per cent from 28.5 per cent. Nigeria’s gross domestic product growth also improved slightly to 3.4 per cent in the first quarter of 2026 from 3.2 per cent in the preceding quarter.
Price and Promo noted that its prices are obtained through direct field collection, verified retail and wholesale observations, structured trade inputs, and credible public macroeconomic sources.
The platform conducts market observations every 12 to 17 days and standardises prices across pack sizes and retail formats to ensure comparability.
