Highlights
• In April 2022, the rate of inflation rose by 16.8% year-on-year which is the highest since August 2021. Food inflation rose to 18.4%, compared to the 17.2% recorded in the preceding month. In addition, the value of the Naira in the parallel market continued to depreciate as the exchange rate rose from N587 to a dollar on the 31st of March to N589 on the 30th of April 2022.

• In April, relative stability was observed in staple food in both states, except red beans which witnessed a substantial increase (16 percent) in Maiduguri. However, this relative stability is observed against the background of substantial year-on-year increases in staple food prices in both states, particularly for red beans and groundnut, which increase were 36% and 32% in MMC/Jere respectively. This further results in a reduction of the purchasing power of market-dependent households.

• The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State increased by 3 percent from 25,446 Naira in March to 26,1286 Naira in April. The Damaturu SMEB marginally increased by 3 percent from 25,228 Naira in March to 25,916 Naira in April. Please see page 3 for SMEB values in other BAY locations.