Highlights

• Nigeria’s annual inflation rate increased for the 10th straight month to 21.47% in November 2022 from 21.09% in October according to the National Bureau of Statistics (NBS) as fuel shortages drove transport costs higher and affected the supply of goods and commodities.

• Prices of staple food remained stable in November as compared to October due to harvests. However the year-on-year increase for key staples is significant for both states, particularly for maize flour, local rice, and groundnut which increased by more than 25 percent.

• The cost of the 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State was 30,843 naira in November — a marginal one percent decrease compared to the October value of 31,125 Naira. In Damaturu, the 70 percent SMEB increased by 3 percent from 30,070 Naira in October to 30,897 Naira in November. Refer to page 3 for SMEB values in other BAY states locations.