The average prices of bread and rice in Nigeria have been recording significant increases in the past five years, according to data obtained from the National Bureau of Statistics.
A year-on-year analysis of the average prices from January 2017 to January 2022 based on data from the NBS shows that bread (unsliced, 500g) and rice (agric-sold loose rice) recorded 42 per cent and 48 per cent price hikes, respectively.
As of January 2017, the average price of a loaf of bread (unsliced, 500g) was N270. It however increased to N384 by January 2022.
There was also an increase in the price of sliced bread (500g) from N303 as of January 2017 to N419 as of January 2022.
The average cost of 1kg of rice (agric-sold loose rice) was N324 as of January 2017. It, however, increased to N481 by January 2022.
There was also an increase in the price of locally sold loose rice, medium-grained rice, and imported high quality sold loose rice (1kg each) from N286, N312, and N402 as of January 2017 to N430, N477, and N579 as of January 2022, respectively.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had disclosed this during her presentation of this year’s approved budget recently.
She had said, “Inflation is projected to be double-digit in the medium-term given structural issues impacting the cost of doing business, including high food distribution cost. However, the current steady decline is expected to be sustained, seeing the inflation rate drop to 13 per cent in 2022 and 10 per cent by 2024.”
The country is, however, still struggling with double-digit inflation, with the World Bank projecting that Nigeria may record one of the highest inflation rates globally in 2022, with increasing prices diminishing the welfare of Nigerian households.
