Prices of rice rise by 134.81 per cent in 12 months, says NBS

THE prices of rice, a major staple food for Nigerians, increased by 134.81 per cent in the past year.

This is contained in the Selected Food Prices Watch for February 2024 released by the National Bureau of Statistics ( NBS) yesterday.

The report said the average price of one kilogramme ( kg) of rice local rice rose to N1,222.97 after a1 34.81 percent year- on- year increase from N520.84 recorded in February 2023 and a 19.69 per cent month- on- month change from N1,021.79 in January 2024.

According to the report, there were general increases in the prices of beans, garri, yam and beef.

For instance, the average price of 1kg of brown beans rose by 98.25 per cent on a year- on- year basis from N594.15 in February 2023 to N1,177.93 in February 2024.

On a month- on- month basis, it increased by 20.62 per cent, from N976.58 in January 2024.

Similarly, the average price of 1kg of white garri rose by 109.16 per cent on a year- onyear basis from N345.88 in February 2023 to N723.45 in February 2024, while there was an increase of 20.44 per cent on a month- on- month basis.

In addition, the average price of 1kg of yam rose by 131.33 per cent on a year- on- year basis, from N436.41 in February 2023 to N1009.56 in February 2024.

On a month- on- month basis, it increased by 11.93 per cent, from N901.94 in January 2024 to N1009.56 in February 2024. The report also shows that the average price of 1kg of Beef boneless increased by 49.41 per cent on a year- onyear basis from N2,445.96 in February 2023 to N3,654.56 in February 2024.