Bag Of Local Rice Sells For ₦95,738 (See Price Of Beans, Egg, Meat)

The latest data released by the National Bureau of Statistics (NBS), shows that there has been a significant increase in the price of local rice and beans over the past year.

The ‘Selected Food Price Watch’ for September 2024 indicates that the price of a 50 kg bag of local rice soared by 152.9 percent year-on-year, reaching ₦95,738 in September 2024 up from ₦37,853 in September 2023.

Furthermore, the price of 1 kilogram of local rice also escalated, now standing at ₦1,914.77.

The NBS report stated, “The average price of 1kg Local rice sold loose went up by 152.92 percent on a year-on-year basis from ₦757.06 in September 2023 to ₦1,914.77 in September 2024, while there was an increase of 4.57 percent on a month-on-month basis.

“Also, the average price of 1kg of beef boneless increased by 99.99 percent on a year-on-year basis from ₦2,816.91 in September 2023 to ₦5,633.60 in September 2024.

“On a month-on-month basis, it increased by 1.44 percent from ₦5,553.80 in August 2024. The average price of 1kg beans brown (sold loose) stood at ₦2,738.59. This indicates a rise of 281.97% in price on a year-on-year basis from ₦716.97 recorded in September 2023 and a 6.37 percent rise in price on a month-on-month basis from ₦2,574.63 in August 2024.

“Agric eggs medium size (12 piece) experienced significant price increases year on year by ₦137.43 percent from ₦1,047.47 in September of last year (2023) to ₦2,487.04 in September 2024.

“On a month-on-month basis, the average price of this item rose by 8.64 prices from  ₦2,289.19 in August 2024. There was also a notable price increase of bread (sliced) by 115.74 percent on a year-on-year basis from ₦708.36 in September 2023 to ₦1,528.19 in September 2024.

“On a month-on-month basis, it increased by 4.68 percent from ₦1,459.85 in August 2024. The state profile analysis in September 2024 revealed that the highest average price of 1kg of Bean Brown (sold loose) was recorded in Bauchi at ₦3,450.04 while the lowest was in Adamawa state at ₦1,800.”

Giving the breakdown of prices across the states, NBS added: “The highest average price of Agric eggs medium size (12 piece) was recorded in Niger State at ₦3,000.84 while the lowest was in Borno State at ₦2,075.58.

“Regarding the average price of bread(sliced), Rivers state recorded the highest price at ₦1,852.5, while Yobe recorded the lowest price at ₦982.79.

“Kogi recorded the highest average price of 1kg local Rice (sold loose) at ₦2,688.04, while the lowest was reported in Benue at ₦1,229.14.”

NBS