Imported rice price jumps by 114% on one year – NBS

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The average price of imported high-quality loose rice has risen by 144.77 per cent over the past year, according to a report by the National Bureau of Statistics (NBS).

The Bureau’s selected food prices report indicates that the average cost of a 50kg bag of imported rice has skyrocketed from N49,103 in September 2023 to N120,193 this year.

The price per kilogram of imported rice rose by 3.21 percent, increasing from N2,329.05 in July to N2,403.86 in September.

A year ago, the price was N982.07 per kilogram, highlighting that the average price has more than doubled in just one year.

Other types of rice have also experienced price hikes since the announcement in July.

Loose agricultural rice increased from N1,882.39 to N1,965.64 in September, representing a 4.42 percent rise.

Year-on-year, this reflects a 146.33 percent increase from N797.98. In Nasarawa, the price peaked at N3,050.33, while Benue recorded the lowest price at N1,314.13.

The cost of broken rice (Ofada) rose by 5.61 percent, from N2,234.06 in July to N2,359.47 in September, marking a significant 213.36 percent increase over the past year.

Locally sold rice has followed a similar inflationary pattern, with loose local rice rising by 4.57 percent, from N1,831.05 in July to N1,914.77 in September.

The continuous rise in prices of the food staple comes after skyrocketing costs of living across the country, triggering nationwide clamours.

The price of Premium Motor Spirit (PMS) has also risen from about N175 per litre to between N1000 and N1300  per litre across the country, also leading to prices of goods and services.