Highlights

For December 2022

The food inflation rate in December 2022 was 23.75% on a year-on-year basis, which was 6.38% higher compared to the rate recorded in December 2021 (17.37%). The rise in food inflation was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other tubers, Fish, Food Products, etc.¹ The average retail price paid by consumers for Premium Motor Spirit (petrol) for December 2022 was N206.19 per liter, indicating a 24.38 percent increase when compared to the value recorded in December 2021 (N165.77). The effect of the above would result in a reduction of the purchasing power of market-dependent households.

The stability of staple food prices continued in December as against the preceding month due to the harvest. The year-on-year increases in MMC/Jere and Damaturu have significant contrast, particularly for maize flour, imported rice, local rice, and groundnut which increases are more than 27%. (See page 4)

A marginal increase of 3 percent was recorded for the cost of a 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State as the SMEB went up from 30,843 naira in November to 31,683 naira in December. In Damaturu, the SMEB marginally increased by 4 percent from 30,897 naira in November to 32,897 naira in December 2023. For SMEB values in other BAY locations.