Rice Prices Soar: Annual Inflation Rate Reaches 144.77%
New data from the National Bureau of Statistics (NBS) shows that the price of high-quality imported rice has skyrocketed by a staggering 144.77% over the past year. This extraordinary increase is a pressing concern in the country, given its impact on the cost of living.
The report reveals that the average price of a 50kg bag of imported rice has more than doubled, jumping from ₦49,103 in September 2023 to ₦120,193 in September of this year. This drastic increase is further exacerbated by the rising cost per kilogram of imported rice, which has risen by 3.21% from ₦2,329.05 in July to ₦2,403.86 in September. In comparison, the price per kilogram was a mere ₦982.07 just a year ago, indicating a nearly twofold increase.
The price hike is not exclusive to imported rice, as other types of rice have also seen significant price jumps. Loose agricultural rice, for instance, has risen by 4.42% from ₦1,882.39 in July to ₦1,965.64 in September, translating to a year-over-year increase of 146.33%. The states with the highest and lowest prices for this type of rice are Nasarawa (₦3,050.33 per kilogram) and Benue (₦1,314.13 per kilogram), respectively.
Broken rice, or Ofada rice, has also seen a notable 5.61% increase, moving from ₦2,234.06 in July to ₦2,359.47 in September. This amounts to a staggering 213.36% increase over the past year. Meanwhile, locally produced rice has followed a similar trend, with a 4.57% rise from ₦1,831.05 in July to ₦1,914.77 in September.
The nationwide increase in rice prices is part of a broader phenomenon, as the cost of living continues to rise across the country. This is not an isolated issue, as the price of Premium Motor Spirit (PMS) has also skyrocketed, now ranging from ₦1,000 to ₦1,300 per litre. This, in turn, is impacting the cost of goods and services across the nation, leaving many individuals and businesses concerned about their financial well-being.
