Highlights

The prices of food and non-food commodities continue to rise steeply as the naira depreciated further at the black market at N745/$1 on Friday, 30th of September 2022. The drop in forex supply contributed to the downtrend in the value of the local currency at the official market.

Prices of staple foods such as rice, beans, and groundnut in Borno and Yobe states in September 2022 were stable against relative increases in August. This relative stability is observed rather against the background of substantial year-on-year increases in staple food prices in both states, in particular, local rice and groundnut increased by 19 and 15 percent in MMC/Jere and 25 and 88 percent in Damaturu markets as households’ stock level and market supply continue to deteriorate.

The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State increased by 4 percent from 29,851 naira in August to 31,116 naira in September. While the Damaturu SMEB marginally increased by 5 percent from 27,439 naira to 28,784 naira same period. Refer to page 3 for SMEB values in other BAY states locations.