Highlights
• The countrywide food inflation rate (year on year) stood at 20.6 percent in June 2022 from 19.5 percent in May 2022. This rise in the food index was caused by increases in prices of cereals, Food products such as potatoes, yams, and other tubers, meat, fish, oil, and fat. The major drivers of inflation were the increases in the prices of gas, liquid fuel, and solid fuel, coupled with the depreciation of the naira at the parallel market which closed at N614 to a dollar on the 31st of May 2022.
• Compared to May, in June 2022, the staple food prices witnessed relative stability in Borno and Yobe states. This relative stability is observed against the background of substantial year-on-year increases in staple food prices in both states, particularly for local rice which increased by 20 percent in MMC and Jere markets as households’ stock level depreciates at the peak of the lean season.
• 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 28,087 naira in May to 28,838 Naira in June. The Damaturu SMEB marginally decreased by 2 percent from 26,220 naira in May to 25,753 Naira in June. Please see page 3 for SMEB values in other BAY locations.