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Food Inflation – Over the past two decades, the price of rice, one of the most commonly consumed staple foods in Nigeria and globally, has seen a significant escalation. According to data from various sources, the price of a 50kg bag of rice in Nigeria has experienced a substantial increase over the years.
- In the year 2000, a 50kg bag of rice averaged N2,500.
- By 2014, according to the National Bureau of Statistics, the price had risen to N10,000.
- Surveys conducted by SBM Intelligence revealed that by the end of June 2020, a 50kg bag of rice was being sold for an average of N26,000.
This represents a staggering 1000% increase in the price of rice over 20 years.
To further illustrate the price fluctuations, here is a breakdown of the price of a 50kg bag of rice over the last ten years:
- 2013: N12,000
- 2014: N10,000
- 2015: N10,000
- 2016: N13,000
- 2017: N16,000
- 2018: N18,500
- 2019: N19,500
- 2020: N26,000
- 2021: N25,000
- 2022: N31,000
- 2023: N55,000
These figures reflect the significant challenges posed by food inflation and the increasing cost of a staple food item in Nigeria, which has direct implications for the cost of living and the economic well-being of the population.
