NBS Report: Local Rice Prices Surge By 98.47% In Just One Year

NBS Report: Local Rice Prices Surge By 98.47% In Just One Year

In a startling revelation, the National Bureau of Statistics (NBS) has unveiled a staggering 98.47% surge in the price of local rice within just one year, marking a significant economic shift…..READ ALSO Fuel Price Increasement: NBS Report Reveals 159.92% Surge In One Year

According to the latest food price watch released for January 2024, the NBS disclosed that the average price per kilogram of local rice skyrocketed from N514.83 in January 2023 to a staggering N1,021.79 in January 2024.

This astronomical increase, detailed in the report, underscores the growing economic challenges facing consumers, with the price surge observed both year-on-year and month-on-month, signaling an alarming trend.

Furthermore, the report highlighted other notable price hikes in essential food items, including boneless beef and brown beans. Boneless beef witnessed a remarkable 37.08% increase in price over the same period, while brown beans recorded a substantial 64.42% rise.

These sharp upticks in food prices underscore the pressing need for strategic interventions to mitigate the impact on consumers and ensure food security in the nation.

As Nigerians grapple with the economic ramifications of these price surges, policymakers and stakeholders are urged to collaborate on effective measures to address the underlying factors driving the inflationary trends in food prices, thereby safeguarding the well-being of citizens and promoting sustainable economic growth.