Food prices are a major concern for many Nigerians, with inflation and other economic factors driving up the cost of staple foods such as rice. However, there is some good news on the horizon, as recent reports suggest that the prices of staple foods, particularly rice, are declining in Nigeria.
According to Market survey carried out by the Federal Competition and Consumer Protection Commission, a bag of 50- kilogram of local (Par-boiled) Rice declined by almost 19% from N84,000 in February to N68,000 in March.
This is despite the surging food inflation rate hitting 40.01% year-on-year, in March 2024, marking an increase of 15.56 percentage points from 24.45% in March 2023.
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