Local Rice Prices Surge 152% to N95,738 in September 2024

The price of a 50 kg bag of local rice in Nigeria has soared by 152.9% year-on-year, reaching N95,738 in September 2024, up from N37,853 in September 2023.

Data from the National Bureau of Statistics (NBS) in its ‘Selected Food Price Watch’ report highlights that the price of 1 kilogram (kg) of local rice now stands at N1,914.77.

The report also reveals a staggering increase in bean prices, which surged over 200% year-on-year. Specifically, the average price of 1 kg of local rice sold loose rose from N757.06 in September 2023 to N1,914.77 in September 2024, reflecting a 4.57% month-on-month increase.

Furthermore, the average price of 1 kg of boneless beef jumped by 99.99%, from N2,816.91 in September 2023 to N5,633.60 in September 2024, marking a 1.44% rise from the previous month. The average price for loose brown beans reached N2,738.59, representing a 281.97% increase from N716.97 a year ago, with a month-on-month rise of 6.37% from N2,574.63 in August 2024.

Medium-sized agricultural eggs (12 pieces) also saw a significant price hike of 137.43% year-on-year, climbing from N1,047.47 in September 2023 to N2,487.04 in September 2024. Month-on-month, the price increased by 8.64% from N2,289.19 in August 2024. Additionally, sliced bread prices surged by 115.74%, from N708.36 in September 2023 to N1,528.19 in September 2024, with a 4.68% rise from N1,459.85 in August.

The state-by-state analysis revealed that Bauchi had the highest average price for loose brown beans at N3,450.04, while Adamawa recorded the lowest at N1,800.

For agricultural eggs, Niger State had the highest average price at N3,000.84, compared to Borno State’s lowest at N2,075.58. Rivers State topped the list for sliced bread prices at N1,852.50, while Yobe reported the lowest at N982.79. Kogi State recorded the highest average price for loose local rice at N2,688.04, whereas Benue reported the lowest at N1,229.14.