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

The National Average Cost of a Healthy Diet accelerated to ₦1,241 in June 2024.

The Nigerian Bureau of Statistics (NBS) disclosed this information in its latest ‘Cost of Healthy Diet’ report for June.

The report indicates that the cost increased by 19.2 percent compared to the previous month (May 2024, when it was ₦1,041).

The Cost of a Healthy Diet (CoHD) refers to the most affordable combination of locally available items that align with globally recognized food-based dietary guidelines. It serves as a benchmark for assessing both the physical and economic accessibility of healthy diets, representing the minimum cost per adult per day, excluding expenses for transportation and meal preparation.

Inflation rose to 34.19 percent in June, an increase of 0.24 percent 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 percent of the total CoHD to provide 13 percent of the total calories.

Fruits and vegetables were the most expensive food groups in terms of price per calorie; they accounted for 11 percent and 17 percent, respectively, of total CoHD while providing only 7 percent and 5 percent of total calories in the Healthy Diet Basket. Legumes, Nuts, and Seeds were the least-expensive food group on average, at 7 percent 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 percent higher than it was in January 2024 (₦858). It was also 19 percent 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.