Local Rice Price Soars by 152.9% YoY to N95,738/50kg Bag

The price of a bag (50 kg) local rice rose year-on-year, YoY, by 152.9 percent to N95,738 in September 2024 from N37,853 in September 2023.

Data from the National Bureau of Statistics, NBS, ‘Selected Food Price Watch’ for September 2024 showed that the price of 1 kilogram (Kg) of local rice stood at N1,914.77 during the period.

The report also showed that the price of beans recorded higher growth rate at over 200 percent, YoY.

The NBS report stated: “The average price of 1kg Local rice sold loose went up by 152.92 percent on a year-on-year basis from N757.06 in September 2023 to N1,914.77 in September 2024, while there was an increase of 4.57 percent on a month-on-month basis.

Giving the breakdown of prices across the states, NBS added: “The highest average price of Agric eggs medium size (12 piece) was recorded in Niger State at N3,000.84 while the lowest was in Borno State at N2,075.58.

“Regarding the average price of bread(sliced), Rivers state recorded the highest price at N1,852.5, while Yobe recorded the lowest price at N982.79.

“Kogi recorded the highest average price of 1kg local Rice (sold loose) at N2,688.04, while the lowest was reported in Benue at N1,229.14.”