25kg Imported Rice Records Weekly Decline
The mean price of imported long-grain rice in the 25kg bag size declined by 3.8% across Lagos markets during the week of July 24, according to the FoodPrices weekly tracker.
The average price fell from ₦29,688 on July 17 to ₦28,562 on July 24. The movement represents a reduction of ₦1,126 in the mean price over the one-week period.
The figures were recorded across eight Lagos markets and form part of the weekly market survey credited to the Ministry of Agriculture and Food Systems.
Agbalata Records The Cheapest Price
The weekly mean masks considerable differences between individual markets. Agbalata Market recorded the lowest price for the 25kg bag at ₦26,500.
At the other end of the range, Mushin Market recorded the highest price at ₦30,000.
The ₦3,500 difference between the lowest and highest recorded market prices shows why consumers and businesses may need to compare prices when purchasing rice.
Rice Price Movement Remains Important
Rice is one of the major staple foods tracked by FoodPrices Nigeria, with different varieties and package sizes monitored separately.
The 25kg imported long-grain bag was among the products recording a significant weekly decline. The 3.8% reduction also places the product among the largest downward movements in the week's tracked data.
For households buying rice for regular consumption, and for businesses that purchase rice in larger quantities, weekly price monitoring can provide useful information about changing market conditions.
However, the FoodPrices figure is a mean across surveyed markets. It is not a guarantee that every retailer or stall will offer the same price.
The market data for the week was supplied through the Ministry of Agriculture and Food Systems market survey. Consumers can follow the latest available prices through the FoodPrices Nigeria live-price platform at https://foodprices.ng/real-time-prices.