The National Bureau of Statistics (NBS) has reported steep price hikes for both imported and locally produced rice, underscoring inflation’s impact on essential food items in Nigeria.
According to the NBS, the average cost of a 50kg bag of imported rice soared from N49,103 in September 2023 to a staggering N120,193 this year.
Currently, imported rice averages N2,403.86 per kilogram—a 3.21% rise from July’s price of N2,329.05 per kilogram. Compared to last year’s price of N982.07 per kilogram, this indicates a drastic year-on-year increase.
Other types of rice are following a similar trend. The report states, “Loose agricultural rice prices increased from N1,882.39 to N1,965.64 per kilogram between July and September, marking a 4.42% rise. Compared to the previous year, this is a significant increase of 146.33% from N797.98 per kilogram.” Nasarawa recorded the highest regional price for rice at N3,050.33 per kilogram, while Benue had the lowest at N1,314.13.
The cost of locally sourced rice is also on the rise, with loose local rice increasing by 4.57% from N1,831.05 to N1,914.77 per kilogram between July and September.
Fuel price surges are partly driving these increases. Premium Motor Spirit (PMS) prices have climbed from an average of N175 per liter last year to between N1,000 and N1,300 nationwide. This has strained household budgets, sparking calls for government intervention.
