The price of a bag (50 kg) local rice rose year-on-year, YoY, by 152.9 percent to N95,738 in September 2024 from N37,853 in September 2023.
Data from the National Bureau of Statistics, NBS, ‘Selected Food Price Watch’ for September 2024 showed that the price of 1 kilogram (Kg) of local rice stood at N1,914.77 during the period.
The report also showed that the price of beans recorded higher growth rate at over 200 percent, YoY.
The NBS report stated: “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.”
