Home Business Price of rice falls by 7.22 per cent
Business - May 17, 2017

Price of rice falls by 7.22 per cent

16m farmers to take biometric database
Audu Ogbe, Minister of Agriculture

The National Bureau of Statistics (NBS) said the average price of imported rice decreased by 7.22 per cent, as one kilogramme (1kg) was sold for N250.30 in April from N418.71 in March.

The NBS stated this in its ‘Selected Food Price watch data for April 2017’ released on Tuesday in Abuja.

It, however, stated that the average cost of 1kg of rice (imported high quality sold loose) increased year-on-year by 29.98 per cent in the month under review.

According to the report, an average cost of 1 dozen of Agric. eggs medium size increased year-on-year by 41.04 per cent and decreased month-on-month by 1.71 per cent to N518.66 in April 2017 from N527.69 in March.

“The average price of piece of Agric. eggs medium size (price of one) increased year-on-year by 28.74 per cent and month-on-month by 5.21 per cent to N46.22 in April from N43.93 in March.”

It further stated that the average cost of 1kg of tomato increased year-on-year by 15.32 per cent and month-on-month by 6.36 per cent to N285.72 in April from N268.64 in March.

Similarly, the average price of 1kg of yam tuber increased year-on-year by 42.45 per cent and decreased month-on- month by 2.17 per cent to N250.30 in April from N255.86 in March.

On methodology of reporting the food prices, NBS stated that over 700 staff was sent to all the states of the federation for the field work and were supervised by experts.

Prices were collected across all the 774 local governments across all states and the FCT from over 10,000 respondents, locations and analysed. (NAN)

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