Highlights
• At the national level, Nigeria’s headline inflation rose to 15.63 percent in December 2021, a slight increase after eight consecutive months of decline. The naira exchange rate on the parallel market closed at N575 on 30th December 2021. The sharp depreciation of the naira in the parallel market was driven by increased demand amidst low dollar supply.

• The prices of staple foods continues to be relatively stable for three consecutive months including December due to the harvest. The current stability is observed against the background of substantial year-on-year increases in staple food prices in both states, particularly for red beans and maize.

• The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State, decreased by 2 percent from 24,560 Naira (November) to 24,164 Naira (December). Contrarily, in Damaturu, the SMEB marginally increased by 6 percent from 18,276 Naira (November) to 19,459 Naira (December). For SMEB values in other BAY locations, please see page 3.