Highlights

The nationwide food inflation rate (year on year) remained high at 20.30 percent in August, declining by only one percentage point compared to July. The unstable nature of the naira— which exchanged between N516 and N525 to a dollar on the parallel market continued to exert pressure on food prices throughout Nigeria.
Compared to July, in August 2021, the staple food prices witnessed relative stability in Borno and Yobe states compared to last month. Consumers’ purchasing power is still compromised with cereal prices having risen substantially compared to same time last year, particularly maize (53% year-on-year increase) and red beans (236%) in Maiduguri, while 25% and 70% in Damaturu 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 4 percent from 24,686.62 Naira (July) to 25,662.83 Naira (August). Correspondingly, In Damaturu, the SMEB increased marginally by 4.3 percent from 22,403.91 Naira (July) to 23,371.53 Naira (August).