50kg Bag Of Imported Rice Now Costs ₦120,193, Up From ₦49,103 Last Year – NBS Report

The price of imported high-quality loose rice has surged by 144.77% over the past year, as reported by the National Bureau of Statistics (NBS).

According to the NBS’s latest food price report, the average price of a 50kg bag of imported rice climbed from ₦49,103 in September 2023 to ₦120,193 in September this year.

The cost per kilogram of imported rice rose by 3.21%, increasing from ₦2,329.05 in July to ₦2,403.86 in September. This is a significant jump from ₦982.07 per kilogram a year ago, indicating a more than twofold increase.

Prices for other types of rice have also risen. The cost of loose agricultural rice went up from ₦1,882.39 in July to ₦1,965.64 in September, marking a 4.42% increase.

On a year-over-year basis, this represents a 146.33% rise from ₦797.98. Nasarawa recorded the highest price at ₦3,050.33 per kilogram, while Benue had the lowest at ₦1,314.13.

Broken rice, or Ofada rice, saw a 5.61% increase from ₦2,234.06 in July to ₦2,359.47 in September, resulting in an impressive 213.36% increase over the past year.

The price of locally produced rice is following the same trend, with loose local rice rising by 4.57%, moving from ₦1,831.05 in July to ₦1,914.77 in September.

The persistent rise in rice prices is part of the broader surge in the cost of living across Nigeria, causing concern nationwide.

Additionally, Premium Motor Spirit (PMS) prices have also skyrocketed from around ₦175 per litre to between ₦1,000 and ₦1,300 per litre, further impacting the cost of goods and services across the country.