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Bags of imported rice rose more than 7.5% in Abuja and Lagos between late March and early April 2020, according to SBM Intelligence. Bags of local rice became about 6% to 8% more expensive over the same period.
The increases came as the COVID-19 pandemic disrupted food markets across Africa.
Pandemic-driven price increases for staple rice point to tighter local availability and stronger import demand in West Africa. The effect on global rice prices is modest because the increases are regional.
reuters.comLibby GeorgeApr 24, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
