One kilogramme (1 kg) of rice produced locally increased in price by 68% year over year (YoY), from N487.42 in October 2022 to N819.42 in October 2023.
These results were made public by the National Bureau of Statistics (NBS) in its Selected Food Price Watch for October. The report highlighted notable annual rises in the costs of food items such white garri, beans, tomatoes, and boneless beef.
The NBS reports that Zamfara had the lowest average price of N660.79 for 1kg of locally produced rice sold loose, while Edo state had the highest average price of N1,044.17. These statistics shed light on the regional differences in the price of local rice.
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NBS said: “Selected Food Price Watch for October 2023 shows that the average price of rice local sold loose rose by 68.1 per cent on a YoY basis from N487.47 in October 2022 to N819.42 in October 2023, while on a month-on-month (MoM) basis, there was an increase of 8.24 per cent.
“The average price of 1kg of gari white, sold loose, increased by 63.68 per cent on a YoY basis from N317.90 in October 2022 to N520.35 in October 2023.
“On an MoM basis, the average price of this item increased by 11.21 per cent from N467.89 in September 2023.
“The average price of 1kg of Beans brown (sold loose) rose by 39.9 per cent on a YoY basis from N564.69 in October 2022 to N790.01 in October 2023.
“On an MoM basis, it increased by 10.19 per cent from N716.97 in September 2023.
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“Similarly, the average price of 1kg of tomato rose by 48.73 per cent on a YoY basis from N454.46 in October 2022 to N675.91 in October 2023.
“On an MoM basis, it increased by 19.48 per cent from N565.69 in September 2023. “Likewise, the average price of 1kg beef boneless stood at N2,948.03 in October 2023.
“This indicated that on a YoY basis, the price rose by 30.08 per cent from the value recorded in October 2022 (N 2,266.24) and 4.65 per cent on a MoM basis from N2,816.91 in September 2023.”
The National Bureau of Statistics (NBS) states that in October 2023, Bayelsa had the highest average price of N1,344.13 for one kilogramme of tomatoes, while Kwara had the lowest average price of N341.95.
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“Edo state recorded the highest average price of 1kg Rice local sold loose at N1,044.17, while the lowest was reported in Zamfara at N660.79,” it added.
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