Rice prices across Lagos markets have seen a sharp 15% increase over the past two weeks, according to data collected by FoodPrices.ng market agents.
Price Breakdown by Market
At Mile 12 Market, a 50kg bag of locally produced rice now sells for ₦85,000, up from ₦74,000 just two weeks ago. Imported rice has seen similar increases, with a bag now costing ₦92,000.
Daleko Market recorded even higher prices, with local rice reaching ₦87,500 per 50kg bag. Traders attribute this to reduced stock from northern suppliers.
Factors Driving the Increase
Several factors are contributing to the price surge. Transportation costs have risen due to increased fuel prices. Additionally, farmers are holding back stock in anticipation of the planting season, creating artificial scarcity in urban markets.
The naira's continued weakness against the dollar has also impacted imported rice prices, making local alternatives more attractive despite their own price increases.
What Consumers Can Do
Experts recommend buying rice in smaller quantities from neighborhood markets, where prices tend to be slightly lower than major wholesale markets. Consumers should also consider alternative grains like beans and garri, which have seen more modest price increases.
FoodPrices.ng will continue monitoring these trends and providing real-time updates across all 36 states.