Rice, a beloved staple in Nigerian cuisine, has seen a dramatic increase in price over the past year. This has left many wondering how to navigate the cost of this essential food item.
This blog post will explore the current price of rice (Agric, sold loose) in Nigeria, highlighting key factors influencing its cost and offering insights into finding the best deals.
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A Nation-Wide Price Of Rice In Nigeria
According to the National Bureau of Statistics (NBS), the average price of 1kg of local rice (sold loose) in December 2023 was ₦917.93. However, prices vary significantly across different regions of Nigeria.
The Federal Capital Territory (FCT) recorded the highest price at ₦1,250 per kg meanwhile Zamfara State had the lowest price at ₦696.55 per kg.
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Factors Driving Price Increases
Several factors contribute to the rising cost of rice in Nigeria some of which are:
- Inflation:The general increase in prices across the economy has impacted the cost of food items, including rice.
- Supply Chain Disruptions: Challenges in transportation, logistics, and production have led to supply shortages, driving up prices.
- Exchange Rate Fluctuations: The depreciation of the Naira against the US dollar has made imported rice more expensive.
- Increased Demand: The growing population and rising demand for rice have put pressure on supply, leading to price increases.
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Conclusion
The price of rice (Agric, sold loose) in Nigeria is a significant concern for many households. While prices are expected to remain volatile, understanding the factors influencing them and exploring strategies for finding affordable options can help you manage your food budget.
Stay informed about market trends and government initiatives to navigate the ever-changing landscape of rice prices in Nigeria.