Price of rice up by 81% in 2023

The National Bureau of Statistics has disclosed 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.

This 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.

This is contained in the Selected Food Price Watch report for December 2023 as released by the NBS on Wednesday.

The report stated, “Selected Food Price Watch for December 2023 shows that the average price of 1kg Rice local sold loose stood at N917.93.

“This indicates a rise of 81.35 percent in price on a year-on-year basis from N506.17 recorded in December 2022 and 5.85% rise in price on a month-on-month basis from N867.18 in November 2023.”

Also, the NBS reported that the average price of 1kg of Tomato rose by 77.60% on a YoY basis 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 added 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.

The report read, “On a month-on-month basis, it increased by 3.79% from N838.85 in November 2023.”

More so, the average price of 1kg of Beef boneless increased by 32.38% on a year-on-year basis from N2,377.29 in December of last year (2022) to N3,146.94 in December 2023.

On a MoM basis, the average price of this item increased by 3.88% from N3,029.50 in November 2023.

“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.

State analysis by average price

1kg Local rice (sold loose)

Highest price: Federal Capital Territory – N1,250
Lowest price: Zamfara State – N696.55

1kg Tomato

Highest price: Delta State – N1,461.87
Lowest price: Borno State – N390.50

1kg Beans brown (sold loose)

Highest price: Akwa-Ibom State – N 1,120.92
Lowest price: Jigawa State – N586.04

1kg Beef boneless

Highest price: Osun State – N3,981.04
Lowest price: Gombe State – N2,600.00

1kg Onion bulb

Highest price: Rivers State – N1,433.13
Lowest price: Adamawa State – N465.41

Zonal analysis by average price

1kg Local rice (sold loose)

Highest price: South-West – N987.88
Lowest price: North-West – N858.00

1kg Tomato

Highest price: South-South – N1,327.98
Lowest price: North-West – N460.64

1kg Beans brown (sold loose)

Highest price: South-East – N1,048.54
Lowest price: North-West – N675.54

1kg Beef boneless

Highest price: South-East – N3,675.24
Lowest price: North-East – N2,678.74

1kg Onion bulb

Highest price: South-South – N1,310.47
Lowest price: North-East – N657.84