The average price of imported high-quality loose rice has risen dramatically by 144.77 per cent over the past year, while the Federal Government delayed implementing its duty-free food policy.
This information comes from the selected food prices report published by the National Bureau of Statistics.
In July 2024, the Federal Government announced a 150-day duty-free import window for food items as part of its efforts to combat rising inflation, which has pushed many Nigerians into poverty.
The affected items include maize, husked brown rice, wheat and cowpeas. Under this scheme, imported food items will be subject to a Recommended Retail Price.
While there are suggestions and reports that the policy has begun, the government has not made any official announcement and attempts to confirm this have been unsuccessful.
Since the announcement, the price of one kilogramme of imported rice has increased by 3.21 per cent, rising from N2,329.05 in July to N2,403.86 in September.
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The price was N982.07 per kilogramme in September last year, showing that the average price has more than doubled within a year.
The average price for a 50kg bag of imported rice has jumped from N49,103 in September 2023 to N120,193 this year.
Other types of rice have also seen price increases since the July announcement.
Loose agricultural rice rose from N1,882.39 to N1,965.64 in September, marking a 4.42 per cent rise.
Year-on-year, this represents a 146.33 per cent increase from N797.98. Nasarawa recorded the highest price at N3,050.33, while Benue had the lowest at N1,314.13.
Broken rice (Ofada) increased 5.61 per cent from N2,234.06 in July to N2,359.47 in September, a substantial 213.36 per cent increase over the past year.
The price of locally sold rice followed the same inflationary trend. Loose local rice increased by 4.57 per cent, rising from N1,831.05 in July to N1,914.77 in September.
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