The Bureau of Statistics has reported a dramatic increase in rice prices across Nigeria, exacerbating the financial strain on households amid rising living costs. The average price of a 50kg bag of imported rice skyrocketed from N49,103 in September 2023 to N120,193 this year.
In terms of kilogram pricing, imported rice saw a 3.21% increase, rising from N2,329.05 in July to N2,403.86 in September. This marks a staggering 145.61% jump compared to the price of N982.07 per kilogram in September of the previous year.
Other rice varieties are also experiencing similar inflation. Loose agricultural rice rose from N1,882.39 to N1,965.64 per kilogram, reflecting a 4.42% increase.
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Year-on-year, this represents a dramatic 146.33% increase from N797.98. Within the states, Nasarawa recorded the highest price at N3,050.33 per kilogram, while Benue reported the lowest at N1,314.13.
The price of broken rice (Ofada) increased by 5.61%, moving from N2,234.06 in July to N2,359.47 in September, which indicates a staggering 213.36% increase over the past year. Similarly, the price of locally sold loose rice rose by 4.57%, from N1,831.05 in July to N1,914.77 in September.
This ongoing rise in staple food prices follows significant inflation across the country, further compounding economic hardships. The price of Premium Motor Spirit (PMS) has also surged, jumping from approximately N175 per litre to between N1,000 and N1,300 per litre nationwide, thereby driving up costs for goods and services across various sectors.
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