Sellers Quote New Price for Rice, Garri in Nigeria as Data Shows States with Highest Costs

• Recent findings show that the prices of food items, specifically garri and rice, have risen by more than 50%
• The survey revealed that in parts of Nigeria, such as Enugu, the prices of rice and garri increased highly
• Data from the National Bureau of Statistics shows that prices of garri and rice rose highest in Niger and lowest in Benue states

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

A recent survey shows that the price of cassava flakes, known as gari and rice, has risen by more than 50% in parts of Nigeria.

The News Agency of Nigeria (NAN) survey on Thursday, June 20, 2024, shows that food prices rose by 50% following a rise in Nigeria’s inflation and an increase in petrol.

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The price of garri hits N45,000 per 50k

The survey shows that a cup of garri that sold for N150 in April now sells for N250, while a five-liter paint bucket of garri sells for between N4,000 and N4,300

Also, the current price of a bag of garri sells for N45,000, as against N30,000, which it sold in April.

Traders at the Garki Market in Enugu quoted the price of a 50kg bag of foreign rice as between N70,000 and N75,000 and N95,000 and N100,000.

The price of rice hits N100,000

Daily Trust reports that a 50kg bag of rice is sold for between N80,000 and N85,000, depending on the brand.

Data from the National Bureau of Statistics (NBS) indicates that the average price of 1kg of rice stood at N1,399.34, representing a 155.93% increase yearly from the N546.76 recorded in April last year.

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The NBS data shows that the average price of white Garri increased by 134.98% yearly from N362.50 in April 2023 to N851.81 in April this year.

Every month, the average price of rice garri increased by 13.59% from N749.89 in March 2024.

Nigerian states with highest, cheapest prices

The state analysis in April 2024 reveals that the highest average price of 1kg of rice locally sold loose was recorded in Niger state at N1,785.47, while the lowest was recorded in Benue state at N993.72. 

Also, analysis by zone showed that the average price of 1kg rice locally sold loose was highest in the Southwest at N1,615.21, followed by the South-south at N1,564.85, while the North-West recorded the lowest average price at N1,163.13.

The average price of 1kg of Garri white was highest in the South and the Southwest, at N1,031.19 and N982.42, respectively, while the lowest was recorded in the North West, at N 681.77.

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A previous report by Legit.ng shows that the price of rice also increased in May 2024 due to the high cost of transportation.

Kogi leads the list of the 10 most expensive states to live

Legit.ng earlier reported that the newly released Consumer Price Index by the National Bureau of Statistics (NBS) shows that the cost of living in Nigeria remains on the rise.

According to the NBS report, inflation, which measures the price change of goods, rose in February to 31.70%, the highest level in 29 years.

This is a significant increase of 9.79% compared to the rate recorded in February 2023, which was 21.91%.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng