(UPDATE) INFLATION: COST OF LIVING JUMPS BY 19% IN ONE MONTH

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In June 2024, the national average cost of a healthy diet rose to N1,241.

The Nigerian Bureau of Statistics (NBS) made this revelation in its most recent “Cost of a Healthy Diet” report, which covers June.

The increase, as per the report, is 19.2% greater than the sum documented in the preceding month (May 2024, which was N1,041).

The least expensive combination of locally accessible foods that satisfy internationally accepted food-based dietary recommendations is known as the Cost of a Healthy Diet (CoHD). It serves as a gauge for both the financial and physical accessibility of wholesome diets. This is the lower bound (or floor) of the daily cost per adult, exclusive of transportation and meal preparation expenses.

In June, the percentage of the population experiencing inflation increased to 34.19 percent, which was 0.24 percent higher than the NBS’s May 2024 inflation estimate.

The average CoHD was N1,545 per adult per day in the South West in June 2024, while it was N956 per adult per day in the North West.

The CoHD has increased more quickly in recent months than both food and overall inflation.

Ekiti, Ogun, and Osun states had the highest costs at the state level, coming in at N1,640, N1,599, and N1,557, respectively. The three regions with the lowest costs, Katsina, Kano, and Jigawa, were N878, N926, and N937.

At the zonal level, the South West Zone had the highest average CoHD daily at N1,545; the South-South Zone came in second with N1,376.

The North West Zone has the lowest average cost of a healthy diet, at N956 per day.

Foods derived from animals were the most costly dietary group that needed to be met in June, making up 35% of the total CoHD and 13% of the total calories.

When it came to cost per calorie, fruits and vegetables were the most expensive food groups. They made up 11% and 17% of the total CoHD, respectively, but only 7% and 5% of the calories in the Healthy Diet Basket. At 7% of the overall cost, legumes, nuts, and seeds were the least expensive food group on average.

Since January 2024, the CoHD has been climbing gradually throughout the last six months.

The CoHD was 45% greater in June 2024 than it was in January 2024 (858). Additionally, the price was 19% higher than what it was in May 2024 (1,041).