Local Rice Prices Surge By 137% – NBS

Local rice prices in Nigeria have seen a staggering 137.32% increase in October 2024, according to the latest report from the National Bureau of Statistics (NBS).

The NBS’ Selected Food Prices report for October highlights this alarming rise, with the average price of local rice reaching N1,944.64, up from N819.42 in the same month last year.

This sharp hike in rice prices has made it one of Nigeria’s top 10 most expensive staple foods, further straining households grappling with the escalating cost of living.

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The upward trend in local rice prices is compounded by the broader inflationary pressures on food prices, as Nigeria continues to battle rising production costs and supply chain disruptions.

On a month-on-month basis, local rice prices also saw an increase of 1.56%, rising from N1,914.77 in September 2024.

Across Nigeria, the cost of local rice varies significantly, with Kogi State registering the highest price at N2,693.41, while Benue State offers it at the lowest price of N1,267.25.

These regional price disparities reflect the uneven distribution of rice and regional differences in production and supply logistics.

The NBS also reported that food inflation, a key indicator of the overall cost of living, stood at a worrying 39.16% in October 2024.

This represents a significant year-on-year increase from 31.52% in October 2023.

Food inflation is being driven by the rising prices of essential staples such as rice, maize, yam, and oil, all of which have become substantially more expensive in recent months.

Agricultural rice, often considered a more affordable option, has also experienced a dramatic price hike, rising by 138.90% year-on-year to N2,023.68 in October 2024.

Prices for agricultural rice varied across states, with Nasarawa State recording the highest price at N3,120.49, while Benue once again reported the lowest at N1,354.87.

Also, Ofada rice, a local variety particularly popular in southwestern Nigeria, saw an explosive 199.16% price increase, reaching N2,428.65 per bag in October 2024. The sharp increase reflects the growing demand for this specialty rice, coupled with rising production costs.

Imported rice, often a fallback for many Nigerian households, also saw a significant surge in price, rising by 143.21% year-on-year. In October 2024, the price of imported rice hit N2,471.28 per kilogram, up from N1,016.12 the previous year.

The rise in imported rice prices has been attributed to the devaluation of the naira, higher import tariffs, and global rice price increases, worsened by ongoing international conflicts like the Ukraine war.

These rising prices have further worsened the cost-of-living crisis for many Nigerians, who are now struggling to afford basic foodstuffs.