NO LONGER 90, 000 Per Bag! See The Latest Price Of 50kg Bag Of Rice Amid Excruciating Hardship
In Nigeria, the surge in food prices continues unabated, raising alarms over affordability and economic stability. A recent investigation by Peoples Gazette has unveiled that the cost of a 50kg bag of rice, a dietary staple for many families, has surpassed the alarming threshold of ₦100, 000. This increase is attributed to a series of economic policies implemented under President Bola Tinubu’ s administration, which have had a profound impact on the cost of living.
The survey highlighted a sharp rise in prices for various rice brands, with Caprice currently retailing at ₦123, 500 and Disney Princess at ₦102, 000. Other notable prices include Saelony at ₦110, 000, Big Bull at ₦113, 000, and Mamas Pride at ₦114, 000. The premium brand Tomato Gold has escalated to a staggering ₦148, 500. Additionally, the price of Big Bull sachet rice has also seen a notable increase, climbing from ₦200 to ₦300.
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Economists are pointing to the depreciating value of the naira as a key contributor to these soaring prices. As reported by FMDQ Exchange on November 12, 2024, the naira recently fell to a record low of ₦1, 689. 88 on the official Investors and Exporters window, further exacerbating the cost of imported goods and staples. This devaluation has made it increasingly difficult for consumers to cope with rising food expenses.
