Local Rice Prices Skyrocket by 137% Amid Rising Food Inflation
Kogi State leads with the highest local rice price at N2,693.41, while Benue State offers the most affordable option at N1,267.25.
The National Bureau of Statistics (NBS) has reported a surge in rice prices, with local rice experiencing a 137.32 per cent year-on-year increase in October 2024. The average price of local rice has jumped from N819.42 in October 2023 to N1,944.64 in October 2024, a pointer to the intense inflationary pressures facing Nigerian households.
Kogi State leads with the highest local rice price at N2,693.41, while Benue State offers the most affordable option at N1,267.25.
The rice price surge is part of a broader food inflation crisis, with the NBS reporting a year-on-year food inflation rate of 39.16 per cent in October 2024, a jump from 31.52 per cent in the previous year. This trend extends beyond local rice, with agricultural rice seeing a 138.90 per cent price increase and Ofada rice having 199.16 per cent rise.
Imported rice has not been spared from this inflationary onslaught. Prices have climbed to N2,471.28 per kilogram, up from N1,016.12 in October 2023, driven by naira devaluation, import tariffs, and global market fluctuations.
With the festive season approaching, the soaring rice prices could dampen holiday celebrations across Nigeria this year, with families already facing unprecedented economic challenges that may force them to scale back on the traditional Christmas and New Year’s feasts.
