Rice prices in Lagos have shown mixed movements, with some imported varieties becoming more expensive while locally manufactured rice maintained its price.
A 50kg bag of imported long-grain rice now sells for N53,375, up from its September average of N53,281.25, reflecting an increase of N93.75. Imported short-grain rice also increased to N50,800 per 50kg bag from its September average of N50,712.50, while Nigerian manufactured rice remained unchanged at N51,285.71 per 50kg bag.
Recent Changes in Rice Prices in Lagos
The latest data indicates that rice prices in Lagos have fluctuated for various quantities. For instance, a 25kg bag of imported long-grain rice now costs N26,687.50, an increase from N26,640.63 in September. Meanwhile, the price of imported short-grain rice rose slightly to N25,400, compared to N25,380 previously. Nigerian manufactured rice prices remained stable at N25,642.86 for a 25kg bag.
In smaller quantities, a 4.15kg paint of Nigerian manufactured rice is priced at N4,316.67, unchanged from September. Imported long-grain rice costs N4,387.50, down from N4,409.38, while imported short-grain rice increased to N4,244.44 from N4,216.67.
Nigeria: Key figures on Rice Prices
- 50kg imported long-grain rice: N53,375
- 50kg imported short-grain rice: N50,800
- 50kg Nigerian manufactured rice: N51,285.71
Context of Price Movements in Lagos
The fluctuations in rice prices are part of a broader trend in Nigeria’s food market. The National Bureau of Statistics reported that food inflation climbed to 20.31%, marking the sixth consecutive monthly increase. This rise is attributed to higher average prices for various everyday food items, including rice.
Next Steps for Consumers and Dealers
- Monitor ongoing price changes in the rice market.
- Evaluate the impact of food inflation on purchasing decisions.
- Stay informed about new price releases from dealers.
Consumers in Lagos are facing mixed price changes for rice, with some varieties increasing while others remain stable.
