Price of 1kg of Local Rice Rises by 19.69% in Feb – NBS

According to the National Bureau of Statistics (NBS), the average price of local rice in Nigeria rose by almost 20% in February, a dramatic increase from the previous month.

NBS Food Price Watch Report revealed that the average price of 1kg of local rice sold at N1,222.97. This indicates a 19.69% rise in price on a month-on-month basis from N1,021.79 in January 2024.

The Report attributes this spike to several factors, including rising inflation and the depreciation of the Naira.