Report: Local Rice Prices Witness a Sharp 68% Surge in Just One Year

The National Bureau of Statistics (NBS) has released its Selected Food Price Watch for October, revealing significant year-on-year increases in the prices of various food items. One notable increase is seen in the price of locally-produced rice, which experienced a year-on-year (YoY) rise of 68%. In October 2023, the price of one kilogram (1kg) of locally-produced rice reached N819.42, compared to N487.42 in the same month of 2022.

The report highlights that Edo state recorded the highest average price for 1kg of locally-produced rice sold loose, reaching N1,044.17. On the other hand, Zamfara reported the lowest average price at N660.79. These figures provide insights into the variations in the cost of local rice across different regions.

The NBS further details the price increases of other food items. The average price of 1kg of white garri, sold loose, rose by 63.68% YoY, from N317.90 in October 2022 to N520.35 in October 2023. On a month-on-month (MoM) basis, there was an 11.21% increase from N467.89 in September 2023.

Similarly, the average price of 1kg of brown beans, sold loose, increased by 39.9% YoY, from N564.69 in October 2022 to N790.01 in October 2023. On an MoM basis, it saw a 10.19% increase from N716.97 in September 2023.

The report also highlights the YoY increase in the price of 1kg of tomatoes, which rose by 48.73% from N454.46 in October 2022 to N675.91 in October 2023. On an MoM basis, the increase was 19.48% from660.79.

The findings from NBS’s Selected Food Price Watch for October shed light on the significant YoY price increases in food items such as rice, garri, beans, tomatoes, and boneless beef. These price variations across regions highlight the challenges faced by consumers in accessing affordable food.