Highlights
• The annual inflation rate in Nigeria accelerated for the ninth straight month to 21.09% in October of 2022 from 20.77% in the prior month. Also, the naira depreciated further in the black market at N800/$1 as of 31st October 2022. The naira’s depreciation will continue to wield pressure on food prices throughout Nigeria despite the harvest.
• After a few months of steep price increases, staple food prices remained fairly stable in October due to harvest, throughout Borno and Yobe state compared to the previous month. While the stability of the prices in October may be seen as a temporary relief, consumers’ purchasing power is still compromised with cereal prices having risen substantially year-on-year, particularly local rice (33%) and groundnut (32%) in Maiduguri, and in Damaturu by 71% and 100% respectively).
• The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State in October was 31,125 naira — thus showing no changes compared to the cost in September 31,116 naira. In Damaturu, the SMEB marginally increased by 4 percent from 28,78