Prices of several fast-moving consumer goods (FMCGs) in Nigeria have surged, with Cowbell Vitarich Filled Cream 12g sachet recording a 66.7% increase from N150 to N250 in Mushin, Lagos, according to the latest Price and Promo report. The mixed retail price movements occurred despite relatively stable economic indicators, including moderate inflation and a steady exchange rate.
Dairy and Cereal Products Lead Price Increases
The Price and Promo report, a bi-weekly market survey, revealed that dairy and cereal products accounted for the bulk of recent price hikes. Cowbell Vitarich Dairy Cream 12g sachet rose by 33.3% from N150 to N200 across markets in Nigeria's South-East region. Cereal products also saw notable increases: Golden Morn 45g Sachet +1 Extra climbed 28.6% to N450 in Mushin, while Kellogg's Go Grains & Multi Grain 45g sachet rose 20% to N300. Golden Morn Maize & Soya 30g sachet under a 'Buy 10 Get 1 Free' offer increased 16.7% to N350 in the South-East.
Some Food Products Become Cheaper
Despite the upward trends, several consumer goods recorded significant price reductions. Maggi Star Beef Cube 4g x 20's sachet and Maggi Star Cube 4g x 100's sachet each declined by 40%, dropping from N50 to N30 in the South-East. Onga Stew Powder 6g sachet fell 33.3% from N150 to N100. Checkers Custard & Vanilla 45g sachet also dropped 33.3% to N200 in Mushin, Lagos. Kellogg's Corn Flakes 25g sachet decreased 20% from N250 to N200.
Stable Economy Yet Mixed Retail Prices
The report noted that Nigeria's macroeconomic indicators remained relatively stable during the review period. Headline inflation rose marginally to 15.93% in May 2026 from 15.69% in April, while the naira traded at N1,360.07 per US dollar on the Nigerian Foreign Exchange Market (NFEM), compared to N1,357.26/$ previously. The Central Bank of Nigeria retained the Monetary Policy Rate at 26.5%, maintaining a tight monetary stance. However, the average commercial lending rate increased slightly to 29% from 28.5%, reflecting high borrowing costs for businesses. Nigeria's GDP expanded by 3.4% in Q1 2026, up from 3.2% in the preceding quarter.
Price and Promo Methodology
Price and Promo generates its market intelligence through direct field surveys, verified retail and wholesale price observations, structured trade inputs, and publicly available macroeconomic data. The platform conducts market checks every 12 to 17 days and standardises prices across different pack sizes and retail outlets to enable accurate comparisons over time.
