Inflation Drives 152% Increase in Rice Prices
According to a recent report from the National Bureau of Statistics (NBS), the price of a 50kg bag of locally produced rice in Nigeria has surged by 152% over the past year, reaching N95,738.
This significant price increase reflects broader inflationary pressures, particularly in food prices, which have affected many staples in the country.
The rise in local rice prices has been driven by a combination of factors including supply chain disruptions, high production costs, and broader economic challenges.