Highlights

·  Despite the gradual decline in the inflation rate in the last four months, checks across major markets showed that prices of goods and foodstuff are still on the rise. Also, the naira exchange rate on the parallel market closed at N575 on 30th September. The naira’s depreciation will continue to wield pressure on food prices throughout Nigeria.

·  After a few months of steep price increases, staple food prices remained fairly stable in September due to harvest, throughout Borno and Yobe state. While the stability of the prices in September may be a temporary relief, consumers’ purchasing power is still compromised with cereal prices having risen substantially year-on-year, particularly, maize (57%) and red beans (234%) in Maiduguri, and in Damaturu by 45% and 71% respectively).

·   The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State, increased by 1 percent from 25,662.83 Naira (August) to 25,839.43 Naira (September). Correspondingly, In Damaturu, the SMEB increased marginally by 4.3 percent from 23,371.53 Naira (August)  to 24,031.66 Naira (September).