Highlights

· In October, the proceeds from the harvest started flooding the market, stabilizing or decreasing prices of staple foods. This current stability is observed against the background of substantial year-on-year increases in staple food prices in both states, particularly for red beans and maize.

·Despite the local decrease in staple food prices in October, countrywide food inflation fell from 20 percent in September to 18 percent in October. The naira exchange rate on the parallel market closed at N560 on 31st October, compared to 575 in September 2021. The instability of Naira would continue to exert pressure on the food prices and purchasing power of market-dependent households.

The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State, decreased by 2 percent from 25,839 Naira (September) to 25,339 Naira (October). Correspondingly, In Damaturu, the SMEB substantially decreased by 15 percent from 24,032 Naira (September) to 20,365 Naira (October). Notwithstanding the decreases in October, we expect that food prices will resume its upward trend in the coming months