Nigeria’s annual inflation rate increased slightly to 15.7% in February of 2022 from 15.6% in the prior month, as fuel shortages drove transport costs higher and affected the supply of goods and commodities. The naira exchange rate on the parallel market closed at N578 on 28th February 2022. The continuous depreciation of the naira in the parallel market, combined with speculation of impact of Ukraine-Russia war will continue to drive food prices up.

In February, the prices of staples in Yobe state – particularly maize and groundnut increased substantially. Similar increases were observed in Borno for the previous month. Price increases are especially substantial when compared on a year-on-year basis for both states, particularly for red beans and maize, which increased by 120 percent and 90 percent respectively in MMC/Jere.

The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State remained largely stable compared to the previous month, however a noticeable increase was recorded last month. The Damaturu SMEB substantially increased by 25 percent from 19,584 Naira (January) to 24,578 Naira (February).