• Monday, April 15, 2024
businessday logo

BusinessDay

Rice prices rise 98.5% amid paddy scarcity – NBS

Prices of top nine rice brands in Nigeria and prices

The average price of local parboiled rice has surged by 98.47 percent in a year amid paddy scarcity across the country, data from the National Bureau of Statistics (NBS) shows.

The NBS Selected Food Price Watch report shows that the average price of 1kg local parboiled rice rose to N1,021 in January 2024 from N514 in the same period of 2023.

On month-on-month, the price of local rice rose by 11.31 percent from N917.93 in December 2023 to N1,021.91 in January 2024.

Read also: Customs suspends sale of rice, probes fatal stampede – Spokesperson

“The state profile analysis in January 2024 reveals that the highest average price of 1kg of rice was recorded in Abuja state at N1,350 while the lowest was recorded in Benue state at N800.64,” the report stated.

Zone-by-zone, the average price of 1kg of local rice was highest in North-Central at N1,08.36 and South-West at N1,067.39, while North-East recorded the lowest at N941.57.

Apart from rice, prices of other key staples have also surged. The selected food price report shows that the average prices of food items such as vegetable oil, beans, palm oil, eggs, tomato, garri (white and yellow) and yam, rose considerably in January.

The average price of 1kg beef boneless increased by 5.37 percent from N3,146.94 in December 2023 to N3,315.78 in January 2024.

The average price of 1kg of brown beans (sold loose) increased by 12.16 percent from N870.67 in December to N976.58 in January 2024.

The average price of 1kg tomato increased 3.82 percent from N814.16 in December 2023 to N845.26 in January 2024.

State-by-state, the highest average price of 1kg of beef boneless was recorded in Abuja at N4,000, while the lowest was recorded in Gombe at N2,639.

Also, the highest average price of 1kg of brown beans (sold loose) was recorded in Akwa Ibom at N1,466.67, while the lowest was recorded in Adamawa at N677.23.

Zone-by-zone, the average price of 1kg rice local sold loose was highest in North-Central at N1,08.36 and South-West at N1,067.39, while North-East recorded the lowest at N941.57.

A market survey by BusinessDay shows that 50kg of foreign parboiled rice now sells between N77,000 and N85,000, depending on the brand and location, as against N34,000 and N36,000 in the same period last year.

Apart from rice, prices of other key staples have also surged. The selected food price report shows that the average prices of food items such as vegetable oil, beans, palm oil, eggs, tomato, garri (white and yellow) and yam, rose considerably in January.

The average price of 1kg beef boneless increased by 5.37 percent from N3,146.94 in December 2023 to N3,315.78 in January 2024.

The average price of 1kg of brown beans (sold loose) increased by 12.16 percent from N870.67 in December to N976.58 in January 2024.

Read also: Lagos supports 5,000 farmers with inputs to tackle rising food prices

The average price of 1kg tomato increased 3.82 percent from N814.16 in December 2023 to N845.26 in January 2024.

State-by-state, the highest average price of 1kg of beef boneless was recorded in Abuja at N4,000, while the lowest was recorded in Gombe at N2,639.

Also, the highest average price of 1kg of brown beans (sold loose) was recorded in Akwa Ibom at N1,466.67, while the lowest was recorded in Adamawa at N677.23.

Food which is a major driver of headline inflation has surged by over 100 percent and quickened food inflation to 35.41 percent in January.