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18+ Trending Video| Watch Now: Husband Beat Wife To Death Because She Refused To Give Him H0t $ex.Local rice prices in Nigeria surged 137.32 per cent in October 2024 compared to the same period last year, making it one of the country’s 10 most expensive staple foods. The sharp rise was noted in the National Bureau of Statistics’ Selected Food Prices report for October 2024, which provided an in-depth overview of food price trends across Nigeria. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
According to the NBS report, the average price of local rice in October 2024 stood at N1,944.64, a significant increase from N819.42 in October 2023.
The surge in local rice prices highlights the ongoing inflationary pressures on food prices, which have become a key concern for Nigerian households struggling with the rising cost of living.
On a month-on-month basis, local rice prices also saw an increase of 1.56 per cent, up from N1,914.77 in September 2024, further highlighting the persistence of inflationary trends within the food sector.
Geographically, there were significant variations in the price of local rice across Nigeria. Kogi State recorded the highest price for local rice at N2,693.41, while Benue State recorded the lowest price at N1,267.25.
These price disparities across states reflect regional variations in supply, demand, and the distribution channels for staple foods.
It is also indicative of the challenges that local farmers and producers face in meeting demand amid rising production costs and logistical challenges.
The NBS report also indicated that food inflation in Nigeria remained high in October, standing at 39.16 per cent year-on-year from 31.52 per cent in October 2023.
The year-on-year rise in food inflation reflects broader economic challenges, including the effects of exchange rate volatility, fuel price hikes, and supply chain disruptions.
On a month-on-month basis, the food inflation rate rose by 2.94 per cent, up from 2.64 per cent recorded in September 2024.
The NBS’ inflation report for October 2024 read, “The Food inflation rate in October 2024 was 39.16 per cent on a year-on-year basis, 7.64 percentage points higher compared to the rate recorded in October 2023 (31.52 per cent).
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: guinea corn, rice, maize grains, rice, etc (bread and cereals class), yam, water yam, coco yam, etc (potatoes, yam and other tubers class), palm oil, vegetable oil, etc (oil and fats class) and Milo, Lipton, Bourvita, etc. (coffee, tea and cocoa class).”
The incremental rise in food inflation is a concerning trend for Nigerians, as it suggests that food prices are likely to continue their upward trajectory, putting further pressure on household budgets.
In addition to local rice, agricultural rice, typically sold by local farmers, saw an even steeper price increase.
The price of agricultural rice in October 2024 experienced a year-on-year increase of 138.90 per cent to N2,023.68 from N847.08 in the corresponding period of last year.
Prices of agricultural rice varied significantly across different states, with Nasarawa reporting the highest price of N3,120.49, while Benue had the lowest at N1,354.87.
Agricultural rice, which is usually a more affordable option compared to processed local rice, has become significantly more expensive, further exacerbating the cost-of-living crisis for many Nigerians.
The PUNCH observed that the prices of Ofada rice and imported rice had also seen significant increases, contributing to the broader trend of rising food prices in Nigeria.
Ofada rice, a local variety grown predominantly in the southwestern region of Nigeria, experienced a sharp price rise.18+ Trending Video| Watch Now: Husband Beat Wife To Death Because She Refused To Give Him H0t $ex.
In October, the average price of Ofada rice stood at N2,428.65, up from N811.83 in October 2023, representing a 199.16 per cent rise year-on-year, reflecting the growing demand for the staple and the rising cost of production.
The price of Ofada rice varies considerably across states. In Osun State, for example, the price of Ofada rice was reported at N3,400, while in Adamawa State, it was slightly lower at N1,425.
Also, imported rice, which is largely sourced from international markets, has seen considerable price hikes, influenced by the devaluation of the naira, import tariffs, and global price fluctuations in the rice market.
The average price of imported rice in October 2024 rose to N2,471.28 per 1kg bag, up from N1,016.12 per 1kg bag in October 2023, reflecting an increase of 143.21 per cent year-on-year.
Kogi State recorded the highest price for this rice at N3,187.35, while Niger had the lowest at N2,017.04.
The increase is largely attributed to the ongoing challenges in the foreign exchange market, which have made importing rice more expensive, as well as the higher global rice prices exacerbated by factors such as the Ukraine conflict and rising energy costs.
The rise in the price of imported rice is further compounded by Nigeria’s reliance on imports to meet domestic demand for rice.
While local production has grown in recent years, it has still not been enough to fully meet the country’s needs, thus leading to an increased dependence on imported rice.
The rising prices of local rice, Ofada rice, and imported rice have played a major role in driving up food inflation in Nigeria.18+ Trending Video| Watch Now: Husband Beat Wife To Death Because She Refused To Give Him H0t $ex.
Last month, the Senator representing Jigawa North-West Senatorial Zone, Babangida Husaini, called on the Federal, State, and Local Governments to address the rising cost of basic food items, which continues to escalate nationwide despite the harvest season..…Read -T.he.Full_Article.Here.
