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.
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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.
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