Fluctuations in Food Prices with Evidence from Communities in Kwara State, Nigeria

• Author(s): OYEBODE Adebola Tosin ; KORTER Grace Oluwatoyin ; LAWAL Praise Olamide
• Paper ID: 1705148
• Page: 379-387
• Published Date: 23-10-2023
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 7 Issue 4 October-2023

Abstract

The price of commodities have been unstable. This study seeks to study the price fluctuation of food items in Nigeria with a focus on ten markets within the communities in Kwara State, Nigeria. The food items used in this study are rice, beans, garri and maize. Ten markets were accessed namely, Owode market, Offa; Ojo-Oba, Offa; Kara market, Ajase; Ipata market, Ilorin; Oja-Oba, Ilorin; Yoruba road market, Ilorin; Mandate market, Ilorin; Oja-Oba, Omu-Aran; Oja Tuntun market, Ilorin and Ganmo market, Ilorin to collect data on selected food items between years 2015 and 2022. Laspeyres, Paasches, Edgeworth/Marshall and Fisher’s ideal price indexes were used to investigate the price changes. With the base year as 2015, there is a 229.51 percent increase in prices of the selected food commodities using the four price models. No decrease in price of food commodities was observed. The causes for fluctuation in food in prices should be determined to stabilize food prices and prevent food insecurity.

Keywords

Prices, Food, Changes, Index

Citations

IRE Journals:
OYEBODE Adebola Tosin , KORTER Grace Oluwatoyin , LAWAL Praise Olamide "Fluctuations in Food Prices with Evidence from Communities in Kwara State, Nigeria" Iconic Research And Engineering Journals Volume 7 Issue 4 2023 Page 379-387

IEEE:
OYEBODE Adebola Tosin , KORTER Grace Oluwatoyin , LAWAL Praise Olamide "Fluctuations in Food Prices with Evidence from Communities in Kwara State, Nigeria" Iconic Research And Engineering Journals, 7(4)