Price of rice jumps by 37% as annual supply gap widens

The product's decreased availability has resulted in an annual supply deficit of roughly two million metric tonnes.According to reports, rice's market price has risen by roughly 37%, making the grain unavailable as long as demand keeps rising.The AFEX Wet Season Crop Production Report for 2023 states that the product's declining availability has resulted in an annual supply shortfall of almost two million metric tonnes.According to the company, "Nigeria's rice consumption has been rising steadily, in line with the market's steady expansion and almost exactly matching the 2.6% annual population growth estimate." A supply deficit of roughly 2 million metric tonnes per year has resulted from this.