Inflation: Cost Of Living Jumps By 19% In One Month

 

The Nigerian Bureau of Statistics (NBS) has revealed that cost of living jumped to 19% in one month.

 

According to the NBS, the National Average Cost of a Healthy Diet increased to ₦1,241 in June 2024.

 

This was revealed by the Nigerian Bureau of Statistics (NBS) in its latest edition of the ‘Cost Of Healthy Diet’ report for June.

 

According to the report, the increase is 19.2 per cent higher than the amount recorded in the previous month (May 2024, was ₦1,041).

 

The Cost of a Healthy Diet (CoHD) is the least expensive combination of locally available items that meet globally consistent food-based dietary guidelines. It is used as a measure of physical and economic access to healthy diets. This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.

 

Inflation rose to 34.19 per cent in June, an increase of 0.24 per cent from the points when compared to the inflation figure for May 2024 released by the NBS.

 

In June 2024, the average CoHD was highest in the South West at ₦1,545 per adult per day, compared to ₦956 per adult per day in North West.

 

In recent months, the CoHD has risen faster than general inflation and food inflation.

 

At the State level Ekiti, Ogun and Osun States recorded the highest cost with ₦1,640, ₦1,599, and ₦1,557 respectively. Katsina, Kano and Jigawa accounted for the lowest costs with ₦878, ₦926 and ₦937.

 

At the Zonal level, the average CoHD was highest in the South West Zone at ₦1,545 per day, followed by the South-South Zone with ₦1,376 per day.

 

The lowest average Cost of a Healthy diet was recorded in North West Zone with ₦956 per day.

 

Animal source foods were the most expensive food group recommendation to meet in June, accounting for 35 per cent of the total CoHD to provide 13 per cent of the total calories.

 

Fruits and vegetables were the most expensive food groups in terms of price per calorie; they accounted for 11 per cent and 17 per cent, respectively, of total CoHD while providing only 7 per cent and 5 per cent of total calories in the Healthy Diet Basket. Legumes, Nuts and Seeds were the least-expensive food group on average, at 7 per cent of the total cost.

 

The CoHD has been steadily rising over the past six months, since January 2024.

 

In June 2024, the CoHD was 45 per cent higher than it was in January 2024 (₦858). It was also 19 per cent higher than the cost in May 2024 (₦1,041).

 

The main drivers of this increase in CoHD are vegetables, legumes, nuts and seeds, and starchy staples.