Price of local rice increases by 68% in one year

The price of one kilogramme (1kg) of local rice grew year-on-year (YoY) by 68 per cent to N819.42 in October 2023 from N487.42 in October 2022.

The National Bureau of Statistics, NBS disclosed this today in its Selected Food Price Watch for October which also showed large YoY increases in the prices of white garri, beans, tomato and boneless beef.

NBS also said that Edo state recorded the highest average price of 1kg of local rice sold loose at N1,044.17, while the lowest was reported in Zamfara at N660.79.

NBS said: “Selected Food Price Watch for October 2023 shows that the average price of rice local sold loose rose by 68.1 per cent on a YoY basis from N487.47 in October 2022 to N819.42 in October 2023, while on a month-on-month (MoM) basis, there was an increase of 8.24 per cent.

“The average price of 1kg of gari white, sold loose increased by 63.68 per cent on a YoY basis from N317.90 in October 2022 to N520.35 in October 2023.

“On an MoM basis, the average price of this item increased by 11.21 per cent from N467.89 in September 2023.

“The average price of 1kg of Beans brown (sold loose) rose by 39.9 per cent on a YoY basis from N564.69 in October 2022 to N790.01 in October 2023.

“On an MoM basis, it increased by 10.19 per cent from N716.97 in September 2023.

ADVERTISEMENT

“Similarly, the average price of 1kg of tomato rose by 48.73 per cent on a YoY basis from N454.46 in October 2022 to N675.91 in October 2023.

“On an MoM basis, it increased by 19.48 per cent from N565.69 in September 2023. “Likewise, the average price of 1kg beef boneless stood at N2,948.03 in October 2023.

“This indicated that on a YoY basis, the price rose by 30.08 per cent from the value recorded in October 2022 (N 2,266.24), and 4.65 per cent on a MoM basis from N2,816.91 in September 2023.

On state profile analysis in October 2023, NBS said that the highest average price of 1kg of Tomato was recorded in Bayelsa at N1,344.13, while the lowest was recorded in Kwara at N341.95.

“Edo state recorded the highest average price of 1kg Rice local sold loose at N1,044.17, while the lowest was reported in Zamfara at N660.79,” it added.