Local rice prices in Nigeria skyrocketed by 137.32% in October 2024 compared to the same period last year, according to the National Bureau of Statistics’ Selected Food Prices report.
This sharp increase places local rice among the 10 most expensive staple foods in the country, highlighting ongoing challenges in food production and affordability.
The NBS report reveals that the average price of local rice in October 2024 was N1,944.64, a steep rise from N819.42 in October 2023.
This sharp increase underscores the growing inflationary pressures on food prices, intensifying the financial burden on Nigerian households amid a soaring cost of living.
On a month-on-month basis, local rice prices rose by 1.56%, increasing from N1,914.77 in September 2024 to N1,944.64 in October. This reflects the continued inflationary trends in the food sector.
Geographically, significant price disparities were noted. Kogi State recorded the highest average price for local rice at N2,693.41, while Benue State had the lowest at N1,267.25.
The price differences across states reflect regional variations in supply, demand, and distribution networks for staple foods like local rice.
The disparities also highlight the challenges local farmers and producers face in meeting demand, compounded by rising production costs and logistical hurdles.
The NBS report further revealed that food inflation in Nigeria remained elevated in October 2024, reaching 39.16% year-on-year, up from 31.52% in October 2023.
The year-on-year rise in food inflation highlights broader economic challenges, such as exchange rate volatility, fuel price increases, and supply chain disruptions.
Month-on-month, the food inflation rate increased by 2.94% in October 2024, compared to 2.64% in September, signaling persistent upward pressure on food prices.
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 gradual rise in food inflation is troubling for Nigerians, as it indicates that food prices are likely to keep climbing, intensifying the strain on household budgets.
