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Food Inflation and Price 0f Rice 2014-2022

The Food and Agriculture Organization states that the average price of a 50 kilogram bag of rice was N2,500 in 2000. The National Bureau of Statistics states that the average cost of a 50 kilogram bag of rice in 2014 was N10,000.

A 50 kg bag of rice sold for an average of N26,000 at the end of June 2020, per surveys conducted by SBM Intelligence.

The Food and Agricultural Organization reports that the cost of the most popular basic food in Nigeria and the entire world has increased from N2,500 to N26,000 in just 20 years. A 20-year rise of 1,000%.

Price of 50kg Rice/bag in the last 10 years

2013: N12,000   2014: N10,000    2015: N10,000

2016: N13,000   2017:   N16,000   2018:   N18,500

2019:  N19,500   2020:  N26,000    2021:  N25,000

2022:  N31,000   2023:   N55,000

Tags: Food Price

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