Price Of Local Rice Rose By 98.47% in One Year- NBS

The National Bureau of Statistics (NBS) has revealed that the price of local rice rose by 98.47 percent in January 2024.

Announcing the development in its latest food price watch released for January 2024, the statistics bureau detailed that the kilogram price of local rise rose from N514.83 in January 2023 to ₦1,021.79 in January 2024.

Naija News reports that the NBS data further detailed that the average price of boneless beef rose by  37.08 per cent between January 2023 and January 2024.

Also, the price of brown beans reportedly rose by 64.42 per cent between January 2023 and January 2024.

The report read, “Selected Food Price Watch for January 2024 shows that the average price of 1kg Rice local sold loose stood at ₦1,021.79. This indicates a rise of 98.47% in price on a year-on-year basis from N514.83 recorded in January 2023 and 11.31% rise in price on a month-on-month basis from N917.93 in December 2023. The average price of 1kg of Beef boneless increased by 37.08% on a year-on-year basis from ₦2,418.91 in January of last year (2023) to ₦3,315.78 in January 2024. On a month-on-month basis, the average price of this item increased by 5.37% from ₦3,146.94 in December 2023. The average price of 1kg of Beans brown (sold loose) rose by 64.42% on a year-on-year basis from N593.96 in January 2023 to N976.58 in January 2024. On a month-on-month basis, it increased by 12.16% from N870.67 in December 2023.”