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In a surprising turn of events, the price of a 50-kilogram bag of rice (locally parboiled) in Abuja has dropped by 19 percent. Previously sold for ₦84,000 in February, it is now available for ₦68,000. This decrease comes at a time when the inflation rate in Nigeria is soaring, with food prices rising by 40.01 percent in March.
Concerns over Inflation and Exchange Rates
The current inflation rate in Nigeria stands at 33.20 percent, an increase from the previous month’s rate of 31.70 percent. This has raised concerns among the citizens, who question why the naira’s gain in the foreign exchange market has not translated into lower prices for goods and services.
Availability and Prices of Rice
Despite the high inflation rate, a trader in Dutse market, Amaka Ubani, reported a marginal drop in the price of rice. According to Ubani, the price of a 50-kilogram bag of local rice now ranges from ₦68,000 to ₦84,000, down from the previous range of ₦72,000 to ₦84,000. However, customers still find these prices to be on the higher side.
Foreign rice, such as Mama Gold and Royal Stallion, are not readily available in the market due to their high cost and the prevalence of re-bagged rice. These foreign rice varieties are currently being sold at ₦90,000 per 50-kilogram bag. Other shops in Kubwa market have also confirmed selling the locally produced Big Bull rice at ₦68,000 per bag, with prices ranging from ₦68,000 to ₦72,000 for various rice varieties.
This article was updated 7 months ago
