Cost Of Living Jumps By 19% In One Month

This was uncovered by the  Nigerian Bureau of Statistics (NBS) in its most recent version of the ‘Cost Of Solid Eating regimen’ report for June.

As per the report, the increment is 19.2 percent higher than the sum kept in the earlier month (May 2024, was ₦1,041).

The Cost of a Healthy Diet (CoHD) is the most economical blend of locally accessible things that meet worldwide steady food-based dietary rules. It is utilized as a proportion of physical and monetary admittance to solid eating regimens. This is a lower bound (or floor) of the expense per grown-up each day barring the expense of transportation and feast readiness.

Expansion rose to 34.19 percent in June, an increment of 0.24 percent from the focuses when contrasted with the expansion figure for May 2024 delivered 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 most minimal typical Expense of a Solid eating regimen was kept in North West Zone with ₦956 each day.

Creature source food varieties were the most costly nutritional category proposal to meet in June, representing 35% of the complete CoHD to give 13% of the all out calories.

Products of the soil were the most costly nutritional categories as far as cost per calorie; they represented 11% and 17 percent, separately, of absolute CoHD while giving just 7% and 5 percent of all out calories in the Sound Eating routine Crate. Vegetables, Nuts and Seeds were the most affordable nutritional category by and large, at 7% of the all out cost.

The CoHD has been consistently ascending throughout recent 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.