# Food prices drop at Christmas as weak consumer wallet reduces spending - Businessday NG

> Nigerian staple prices, including rice and tomatoes, fell about 10% month on month in December as consumer purchasing power weakened. Traders had stored foreign rice that was released after land borders reopened following about 13 months of closure. A 50kg bag of rice was being offered for N20,000.

- Date: 2020-12-24 · published 2020-12-24T12:00:00.000Z
- Category: market · region Nigeria · magnitude low
- Page: https://feedsoft.ai/events/49717-food-prices-drop-at-christmas-as-weak-consumer-wallet-reduces-spending
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md)

## Why it matters

Local Nigerian rice price weakness reflects demand and import flows, with little effect on world benchmark prices.

## Read by commodity

- RICE: neutral

## Sources

- businessday.ng: https://businessday.ng/news/article/food-prices-drop-at-christmas-as-weak-consumer-wallet-reduces-spending/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.