The National Bureau of Statistics (NBS) has reported a sharp rise in the price of imported high-quality loose rice, with a 144.77% increase over the past year. The average cost of a 50kg bag surged from N49,103 in September 2023 to N120,193 in September 2024.
Additionally, the price per kilogramme rose by 3.21% from N2,329.05 in July to N2,403.86 in September this year. This marks a significant jump from N982.07 per kilogramme recorded in September 2023.
The report also highlights that other varieties of rice have experienced price increases since July.
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