Highlights
• The food inflation index increased to 33.93 percent in November 2023 on a year-on-year basis from 32.84 percent in October 2023 with a difference of 1.09 percent due to an increase
in the prices of some food items¹. Compared to the parallel market rate of ₦1159/$1 for the previous month, the Naira depreciated by 5.2% on the parallel market to close at
₦1220/$1 on the 31st of December. This brings the total year-on-year (December 2022 to December 2023) depreciation of the Naira to 63%.
• Between November and December, the value of 70% of the cost of Survival Minimum Expenditure Basket (SMEB) for a family of five increased by 3% from 41,292 naira to 42,615
naira in Maiduguri and Jere in Borno State. The December value of 70% of the cost of SMEB for a family of five in Damaturu represents an increase of 4% when compared to the previous
month. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.
• In December, petroleum pump prices were observed to still be on the rise across various outlets in the country. In comparison to the previous month, Yunusari LGA in Yobe State
witnessed an 88% increase from an average price of 692 naira to 1300 naira per litre. Fuel prices were highest in Monguno LGA of Borno State with an average of 1,700 naira per litre,
while the lowest price was observed in Mafa LGA in Borno State, with an average of 635 naira/litre in December 2023. Please refer to Table 5 for fuel prices in other LGAs of the BAY
states.
• The SMEB is seen to be experiencing an increase in the majority of the LGAs in Borno compared to the previous month. This can be attributed to an increase in the prices of
some commodities due to the festivities.