In October 2024, local rice prices in Nigeria increased by 137.32% over the same period the previous year, placing it among the nation’s top ten most costly staple items.
The National Bureau of Statistics Selected Food Prices report for October 2024, which included a thorough summary of food price trends throughout Nigeria, mentioned the significant increase.
According to the NBS study, the average cost of local rice in October 2024 was N1,944.64, a considerable increase from N819.42 in the same month the previous year.
A major worry for Nigerian consumers grappling with the rising cost of living is that the spike in local rice prices underscores the continuous inflationary pressures on food costs.
Additionally, local rice prices increased by 1.56% month over month from N1,914.77 in September 2024, underscoring the ongoing inflationary trends in the food industry.
Geographically, local rice prices varied significantly throughout Nigeria. Benue State had the lowest price of N1,267.25, while Kogi State had the highest price of N2,693.41 for local rice.
Regional differences in availability, demand, and the routes of distribution for staple foods are reflected in these pricing differences between states.
It also shows how difficult it is for local farmers and producers to meet demand in the face of growing production costs and logistical difficulties.
