Imported Rice Prices Rise By 144.77% In One Year

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

The selected food prices report published by the NBS said the average price for a 50kg bag of imported rice has jumped from N49,103 in September 2023 to N120,193 this year.

The price of one kilogramme of imported rice has increased by 3.21 per cent, rising from N2,329.05 in July to N2,403.86 in September.

The price was N982.07 per kilogramme in September 2023, this indicates that the average price has more than doubled within a year.

Other types of rice have also seen a surge in price since the July announcement.

Loose agricultural rice rose from N1,882.39 to N1,965.64 in September, marking a 4.42 per cent rise.

Year-on-year, this represents a 146.33 per cent increase from N797.98. Nasarawa recorded the highest price at N3,050.33, while Benue had the lowest at N1,314.13.

Broken rice (Ofada) increased 5.61 per cent from N2,234.06 in July to N2,359.47 in September, a substantial 213.36 per cent increase over the past year.

The price of locally sold rice followed the same inflationary trend with Loose local rice increasing by 4.57 per cent, rising 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 for a rethink of the Economic policies of the Federal Government.

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.