Bag of rice falls to new price despite high inflation rate (See updated prices)

A 50-kilogram bag of rice (locally parboiled) in Abuja has decreased by 19 per cent to ₦68,000 from ₦84,000 it was sold for in February.

This development comes amidst the soaring price of food which rose to 40.01 per cent in March.

Recall that Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.

This development has led to concerns amongst the citizenry, with many wondering why the Naira’s continued gain in the foreign exchange market did not impact the prices of goods and services.

Despite, the Inflation rate, a trader in Dutse market, Amaka Ubani told Daily Post that the price of rice dropped marginally to ₦68,000, from between ₦72,000 to ₦84,000 per 50kg of local rice.

“Well, at the moment, there is nowhere rice is sold at N60,000 per 50kg bag, but N68,000 from around N72,000 to 84,000 it was sold in March. Although customers are still complaining that it is still on the high side.

“Foreign rice like Royal Stallion and Mama Gold are not available in the market because they are expensive and mostly rebagged”, she added.

Foreign rice such as Mama Gold and Royal Stallion are sold at ₦90,000 per 50kg bag.

Similarly, Betty Retail shop in Kubwa market confirmed that it sells Big Bull rice at ₦68,000 per bag.

Other shops visited put their prices between ₦68,000 and ₦72,000 for a giant Big Bull and other varieties.

Naijanews