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The National Bureau of Statistics (NBS), says the average price of local rice in Nigeria rose by almost 20% in February, a dramatic increase from the previous month.
NBS Food Price Watch Report revealed that the average price of 1kg of local rice sold at N1,222.97. This indicates a 19.69% rise in price on a month-on-month basis from N1,021.79 in January 2024.
The Report attributes this spike to several factors, including rising inflation and the depreciation of the Naira
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