Food Inflation and Price Of Rice

According to the Food and Agriculture Organization, in 2000, a 50kg bag of rice averaged N2,500. In 2014, according to the National Bureau of Statistics, a 50kg bag of rice averaged N10,000. According to surveys by SBM Intelligence, at the end of June 2020, a 50kg bag of rice went for an average of N26,000.

In two decades, the price of the most widely consumed staple food in Nigeria (and the world, according to the Food and Agricultural Organization) has gone from N2,500 to N26,000. A 1000% increase in 20 years.

Price of 50kg Rice/bag in the last 10 years 2013: N12,000 2014: N10,000 2015: N10,000 2016: N13,000 2017:    N16,000 2018:   N18,500 2019:  N19,500 2020:  N26,000 2021:  N25,000 2022:  N31,000 2023:   N55,000