Sellers Quote New Price for Bag of Rice as Data Shows Cheapest, Most Expensive Brands

• The price of local rice rose significantly in September, 152.9% to N95.738 in September 2024 compared to N37,853 recorded in the same period last year
• The price of 1kg of rice rose to N1,914.77 during the period under review from N1,400 in August
• Also, the NBS report indicated that the price of beans recorded a higher growth rate of over 200% annually,

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

The price of a 50kg bag of local rice increased yearly by 152.9% to N95,738 in September 2024 from N37,853 in September last year.

Data from the National Bureau of Statistics (NBS) on selected food prices for September 2024 show that 1kg of local rice was sold for N1,914.77.

Beans price increases also

The NBS report also indicated that the price of beans recorded a higher growth rate of over 200% annually,

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The report said the average price of 1kg of local rice increased by 152.92% yearly from N757.06 in September 2023 to N1,914 in September 2024, with an increase of 4.57% monthly.

The report also said the average price of 1kg of boneless beef spiked by 99.99% yearly from N2,816.91 in September 2023 to N5,633.60 in September 2024.

Every month, the price of boneless beef rose by 1.44%, up from N5,553.80 in August 2024.

The average price of 1kg of loose beans brown stood at N2,738.59, showing a 281.97 price increase yearly from N716.97 recorded in September 2023 and a 6.37% rise in price monthly from N2,574.63 in August 2024.

Eggs and other items rise in prices

Agric eggs of medium size saw significant price increases yearly, rising by 137.43% from N1,047.47 in September 2023 to N2,487.04 in the same period this year.

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Every month, the item's average price increased by 8.64% from N2,289.19 in August 2024.

Sliced bread prices increased noticeably by 115.74% yearly from N708.36 in September 2023 to N1,528 in September 2024.

The price increased monthly by 4.68% from N1,459.85 in August 2024.

A state-by-state analysis in September 2024 shows that Bauchi recorded the highest average price of 1kg brown beans, N3,450.04, while Adamawa State recorded the lowest, N1,800.

According to the NBS data, the highest average price of medium-sized eggs was recorded in Niger State at N3,000.84, while the lowest was in Borno at N2,075.58.

States with the most expensive food prices

Rivers State recorded the highest price of sliced bread at N1,852.5, while Yobe recorded the lowest price at N982.79.

Kogi recorded the highest price of 1kg of local rice at N2,688.04, while the lowest was reported in Benue at N1,229.14.

FG’s policy fails as deadline nears

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Experts believe that the increase in Nigeria’s headline inflation is driven by the rising cost of food items, which is the arrowhead of the nation’s inflation.

Legit.ng earlier reported that Nigeria’s inflation rose to 32.70% in September 2024 from 32.15% in August 2024.

Experts believe that the planned 150-day free import window announced by the Nigerian government has failed due to the stringent guidelines released by the Ministry of Finance and Nigeria Customs Service.

The Nigerian government announced a six-month import window for importers to bring essential food items without paying the statutory duties and levies.

However, the policy seems to have failed as the deadline for policy lapses in December 2024.

Top 8 rice brands with the lowest costs

Legit.ng earlier reported that rice, a staple in Nigeria, is fast becoming unaffordable for most citizens as grain prices have skyrocketed 98.47% in the last 12 months.

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Experts say the continued rise in the price of local parboiled rice is due to the country's scarcity of paddy rice.

A current survey of some food markets in Lagos, Nigeria’s commercial centre, shows the prices of 50kg bags of top brands.

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

Source: Legit.ng