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Food Inflation and Price Of Rice

by Leadership News..
2 years ago
in Business
inflation
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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.

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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

 

 

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