Business
Yuletide: Food Prices Unstable In Awka
Prices of foodstuffs are unstable in Awka as people make last ditch preparations for the Christmas and New Year festivities.
A market survey by our correspondent in the Anambra capital, showed a mixed grill as some foodstuffs came down in prices while others went up.
The survey, conducted mainly in Eke Awka Market on Monday, showed that a basket of tomatoes which sold for between N7000 and N8000 before December, now sells for between N5000 and N6000.
According to Mrs Chika Ene, a tomato seller, various reasons were responsible for the drop in prices ranging from lack of money to the seasonal availability of the commodity.
“There is no money for people to buy things for Christmas because they have not been paid their salaries by the State Government,” she said.
On the contrary, Mr Udo Eze, a rice seller, said the product had recorded price increase from between N6000 and N7000 for a bag of foreign rice to between N8000 and N8400.
Eze said a bag of local rice which formerly sold for between N5000 and N5500 now sells for between N6000 and N7000.
Mrs Ifeoma Okoye, a dealer in vegetable and palm oil, said there was a substantial increase in the price of the products.
Okoye said that a brand of vegetable oil which sold for between N2000 and N2500 had risen to N4500, explaining that the grade of the oil determines its cost.
Condiments and spices also recorded significant increases in their prices while other food items remained largely stable.
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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