Price of Rice Surges: Local Rice Hits N917.93 per Kg, an 81.35% YoY Increase

The National Bureau of Statistics (NBS) has released its Selected Food Price Watch report for December 2023, revealing a significant surge in the average price of 1kg of local rice.

According to the report, the price skyrocketed by 81.35% year-on-year, reaching N917.93. This marks a N411.76 increase from December 2022, when it stood at N506.17.

The report indicated a 5.85% month-on-month rise from N867.18 in November 2023. Local rice, a staple food in Nigeria, has experienced a substantial increase, raising concerns about its affordability for many citizens.

Additionally, the NBS highlighted other notable price hikes in various food items. The average price of 1kg of tomatoes rose by 77.60% year-on-year, reaching N814.16 in December 2023. Beans brown (sold loose) increased by 48.54%, hitting N870.67. Beef boneless also saw a 32.38% YoY increase, reaching N3,146.94.

Moreover, 1kg of onion bulb experienced a significant surge, rising by 122.94% YoY to N971.86. On a month-on-month basis, there was a 42.13% increase.

State-wise, the report provided insights into price variations. For 1kg of local rice, the highest price was recorded in the Federal Capital Territory at N1,250, while Zamfara State had the lowest at N696.55. The price of 1kg of tomatoes was highest in Delta State (N1,461.87) and lowest in Borno State (N390.50).

Zonal analysis showed that the South-West had the highest average price for 1kg of local rice at N987.88, while the North-West had the lowest at N858.00.

These price increases raise concerns about food affordability for Nigerians and underline the need for measures to address the challenges impacting the cost of essential commodities.

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