Highlights
• The food inflation index increased to 35.41 percent in January 2024 on a year-on-year basis from 33.93 percent in December 2023 with a difference of 1.48 percent due to an increase in the prices of some food items¹. To curb the adverse effect of having rate differentials and multiple exchange rates, the Central Bank of Nigeria (CBN) officially floated the naira currency. In January 2024, the Naira closed at 1,455.59 depreciating by 37.6 percent against the dollar when compared to the previous month. On the other hand, in the parallel market, the naira depreciated by 20% (₦1220/$1 to ₦1470/$1) in January. This brings the total year-on-year (January 2023 to January 2024) depreciation of the Naira to 95%.

• Between December 2023 and January 2024, the value of 70% of the cost of Survival Minimum Expenditure Basket (SMEB) for a family of five increased by 9% from 47,040 naira to 51,324 naira in Damaturu in Yobe State. The January value of 70% of the cost of SMEB for a family of five in Mafa LGA in Borno State represents an increase of 11% when compared to the previous month. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.

• In January, petroleum pump prices were observed to still be on the rise across various outlets in the country. In comparison to the previous month, Dikwa LGA in Borno State witnessed a 14% increase from an average price of 975 naira to 1114 naira per litre. Fuel prices were highest in Monguno LGA of Borno State with an average of 1,500 naira per litre, while the lowest price was observed in Mafa LGA in Borno State, with an average of 645 naira/litre in January 2024. Please refer to Table 5 for fuel prices in other LGAs of the BAY states.