Business

Yuletide: Price of Local Rice Drop

Published

6 hours ago

Dec 20, 2024.

Harvest Season responsible for the drop in price of local rice
Yuletide Season and Abakakiki rice
Local rice production

The price of de-stoned local rice, commonly known as ‘Abakaliki rice,’ has experienced a slight reduction of six to ten percent in major markets in Enugu, bringing relief to residents and driving increased patronage for the brand.

EkoHotBlog gathers that this decline is attributed to the ongoing harvest season, which has boosted the availability of local rice.

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Traders in various Enugu markets confirmed the trend and shared their observations on how the price drop is influencing consumer behavior.

At the bustling Ogbete Main Market, Mrs. Rose Nwakwo, a trader, revealed that the cost of a 50-kg bag of de-stoned local rice has fallen from ₦84,000 in November to ₦78,000. Similarly, Mr. Chidi Orji, a dealer at Garki Market, disclosed that a five-liter paint container of the rice now sells for ₦6,500, down from ₦7,500.

Orji encouraged residents to take advantage of the price drop and purchase the commodity in bulk before prices rise again.

It was gathered a surge in stockpiling activities among rice retailers and hawkers, who typically sell the product in smaller quantities like cups and bushels. Many are reportedly accumulating large quantities of the commodity in preparation for the Yuletide season.

Mrs. Eunice Madu, a grain seller at Mayor Market, stated that she has been focusing on stocking bags of de-stoned rice due to the increasing demand. According to her, the improved processing and de-stoning qualities of the Abakaliki rice have further boosted its popularity among consumers. “I must confess, we are selling out almost all our available bags of de-stoned local rice ahead of the Yuletide. Most people are turning to it because of its price drop and better quality,” she explained.

For buyers like Mr. Edwin Okoh, the reduction in price is a welcome development. He expressed happiness that his salary now allows him to afford more than one 50-kg bag of rice for his family and extended relatives during the festive period.

“It is a thing of joy that the price has gone down to some extent. At least I can get more than a bag for me and my extended family during this Yuletide,” he said with relief.