The price of local rice in Nigeria has experienced a sharp increase, rising by an astonishing 152.9% from September 2023 to September 2024.
According to a report from the National Bureau of Statistics (NBS), the cost of a 50-kilogram bag of locally produced rice jumped from N37,853 in 2023 to N95,738 in 2024. This increase has raised concerns among consumers as food prices continue to surgeacross the country.
In addition to rice, the report highlights significant price increases for other essential food items. For example, the price of a kilogram of local rice, when sold loose, rose from N757.06 in September 2023 to N1,914.77 in September 2024, marking a 152.92% increase. On a month-to-month basis, the price increased by 4.57% from August to September 2024.
Beans, another staple food in Nigeria, saw an even more dramatic rise in prices. The NBS data revealed that the price of brown beans (sold loose) surged by a staggering 281.97% year-on-year. The price increased from N716.97 in September 2023 to N2,738.59 in September 2024. This jump highlights the growing challenges faced by many Nigerians in affording basic food items.
Other food items have not been spared from these sharp price hikes. Boneless beef increased by 99.99% from N2,816.91 in September 2023 to N5,633.60 in September 2024. Eggs, another staple in Nigerian households, experienced a 137.43% price increase, with a dozen medium-sized eggs rising from N1,047.47 in September 2023 to N2,487.04 in September 2024.
Bread, a common part of daily meals, also saw a significant increase. Sliced bread rose by 115.74% from N708.36 in September 2023 to N1,528.19 in September 2024. These rising costs reflect the wider inflationary pressures on food items across the country.
The report also provided insights into regional price variations across Nigerian states. Bauchi recorded the highest price for beans at N3,450.04 per kilogram, while Adamawa had the lowest at N1,800. For local rice, Kogi reported the highest average price at N2,688.04 per kilogram, while Benue had the lowest at N1,229.14.
Egg prices also varied across states, with Niger recording the highest at N3,000.84 for a dozen medium-sized eggs, while Borno had the lowest at N2,075.58. Rivers state had the highest price for sliced bread at N1,852.50, while Yobe had the lowest at N982.79.
