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February 2024

Price of rice increases by 81% in 1yr -NBS

The report reveals that, “Selected Food Price Watch for December 2023 shows that the average price of 1kg Rice local sold loose stands at N917.93. Photo Credit: FAO

The National Bureau of Statistics has revealed that the average price of 1kg of local rice increased by 81.35 per cent on a year-on-year basis to N917.93 in December 2023.

In a selected Food Price Watch report for December 2023, as released by the NBS indicates that the price of rice, which is a staple food item in Nigeria, has increased by N411.76 when compared to the corresponding price of N506.17 recorded in December 2022.

“Similarly, the average price of 1kg onion bulb rose by 122.94% on a year-on-year basis from N435.93 in December 2022 to N971.86 in December 2023, while there was an increase of 42.13% on a month-on-month basis,” the report noted.

NBS report shows that the average price of 1kg of Tomato rose by 77.60% on a Year on Year basis rises from N458.42 in December 2022 to N814.16 in December 2023.

“On a month-on-month basis, it increased by 7.32% from N758.65 in November 2023 to N814.16 in December 2023,” the bureau stated.

It adds that the average price of 1kg of beans brown (sold loose) went up by 48.54% on a YoY basis from N586.14 in December 2022 to N870.67 in December 2023.

For water transport (waterway passenger transportation), the average fare paid in December 2023 increased to N1,386.76 from N1,352.70 which indicates an increase of 2.5 percent on a monthly basis.

“On a YoY basis, it increased by 34.77 percent from N1,029.00 in December 2022.”

Writing by Julian Osamoto QR Code

Published Date: January 25, 2024

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