How prices of rice and other cereals in Nigeria doubled in one year

Updated Jul 24, 2021
The prices of major legumes and cereals in Nigeria rose at an average of about 98.85 and 99.9 per cents respectively in the last one year, a PREMIUM TIMES market survey has shown. The prices of staples such as rice, beans, groundnut, soybeans, maize, sorghum, and millet were surveyed across some major markets located in different regions of the country. The prices of grains such as rice, maize, sorghum, and millet have risen by 44.4 and 117 per cents respectively. Likewise, the survey showed that the prices of essential cowpeas such as beans and soybeans increased by 159.3 and 76.7 per cent, while prices of groundnuts rose by 63.64 per cent from what they were being sold for last year. Nigeria’s food inflation reached 27 per cent in February 2021, according to the National Bureau of Statistics, making it the highest since at least 2005. The aftermath of the rise has been evident in the prices of all classes of food, as prices continue to skyrocket almost on a daily basis, leaving ...
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