Local rice prices in Nigeria surged 137.32 per cent in October 2024 compared to the same period last year, making it one of the country’s 10 most expensive staple foods.
The sharp rise was noted in the National Bureau of Statistics’ Selected Food Prices report for October 2024, which provided an in-depth overview of food price trends across Nigeria.
According to the NBS report, the average price of local rice in October 2024 stood at N1,944.64, a significant increase from N819.42 in October 2023.
The surge in local rice prices highlights the ongoing inflationary pressures on food prices, which have become a key concern for Nigerian households struggling with the rising cost of living.
On a month-on-month basis, local rice prices also saw an increase of 1.56 per cent, up from N1,914.77 in September 2024, further highlighting the persistence of inflationary trends within the food sector.
Geographically, there were significant variations in the price of local rice across Nigeria. Kogi State recorded the highest price for local rice at N2,693.41, while Benue State recorded the lowest price at N1,267.25.
These price disparities across states reflect regional variations in supply, demand, and the distribution channels for staple foods.
It is also indicative of the challenges that local farmers and producers face in meeting demand amid rising production costs and logistical challenges.
The NBS report also indicated that food inflation in Nigeria remained high in October, standing at 39.16 per cent year-on-year from 31.52 per cent in October 2023.
The year-on-year rise in food inflation reflects broader economic challenges, including the effects of exchange rate volatility, fuel price hikes, and supply chain disruptions.
On a month-on-month basis, the food inflation rate rose by 2.94 per cent, up from 2.64 per cent recorded in September 2024.
The NBS’ inflation report for October 2024 read, “The Food inflation rate in October 2024 was 39.16 per cent on a year-on-year basis, 7.64 percentage points higher compared to the rate recorded in October 2023 (31.52 per cent).
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: guinea corn, rice, maize grains, rice, etc (bread and cereals class), yam, water yam, coco yam, etc (potatoes, yam and other tubers class), palm oil, vegetable oil, etc (oil and fats class) and Milo, Lipton, Bourvita, etc. (coffee, tea and cocoa class).”
The incremental rise in food inflation is a concerning trend for Nigerians, as it suggests that food prices are likely to continue their upward trajectory, putting further pressure on household budgets.
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