NBS Reports: Price of Local Rice Jumps 152% to N95,738 in One Year

The price of a 50 kg bag of local rice surged by 152.9 percent year-on-year, reaching N95,738 in September 2024, up from N37,853 in September 2023, according to new data from the National Bureau of Statistics (NBS).

The NBS report, titled “Selected Food Price Watch” for September 2024, indicated that the price of 1 kilogram (kg) of local rice was N1,914.77 over the past year. Additionally, beans experienced an even higher growth rate, exceeding 200 percent year-on-year.

The report noted, “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.

“Also, the average price of 1kg of beef boneless increased by 99.99 percent on a year-on-year basis from N2,816.91 in September 2023 to N5,633.60 in September 2024.

“On a month-on-month basis, it increased by 1.44 percent from N5,553.80 in August 2024. The average price of 1kg beans brown (sold loose) stood at N2,738.59. This indicates a rise of 281.97% in price on a year-on-year basis from N716.97 recorded in September 2023 and a 6.37 percent rise in price on a month-on-month basis from N2,574.63 in August 2024.

“Agric eggs medium size (12 piece) experienced significant price increases year on year by N137.43 percent from N1,047.47 in September of last year (2023) to N2,487.04 in September 2024.

“On a month-on-month basis, the average price of this item rose by 8.64 prices from N 2,289.19 in August 2024. There was also a notable price increase of bread (sliced) by 115.74 percent on a year-on-year basis from N708.36 in September 2023 to N1,528.19 in September 2024.

“On a month-on-month basis, it increased by 4.68 percent from N 1,459.85 in August 2024. The state profile analysis in September 2024 revealed that the highest average price of 1kg of Bean Brown (sold loose) was recorded in Bauchi at N3,450.04 while the lowest was in Adamawa state at N1,800.”