Inflation: Cost of living increases by 19% in one month — NBS

The National Average Cost of a Healthy Diet surged to ₦1,241, according to the latest report from the Nigerian Bureau of Statistics (NBS).

This figure represents a 19.2% increase in June from the ₦1,041 recorded in May 2024.

The Cost of a Healthy Diet (CoHD) is calculated based on the least expensive combination of locally available foods that meet global dietary guidelines.

It provided a measure of both physical and economic access to healthy diets, excluding transportation and meal preparation costs.

Inflation also saw a rise in June, reaching 34.19%, an increase of 0.24% compared to May 2024.

Regionally, the CoHD was highest in the South West at ₦1,545 per adult per day, while the North West recorded the lowest at ₦956.

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On a state level, Ekiti, Ogun, and Osun had the highest costs, with ₦1,640, ₦1,599, and ₦1,557 respectively. In contrast, Katsina, Kano, and Jigawa had the lowest costs, with ₦878, ₦926, and ₦937.

At the zonal level, the South West Zone had the highest average CoHD at ₦1,545 per day, followed by the South-South Zone at ₦1,376 per day. The North West Zone recorded the lowest average CoHD at ₦956 per day.

Among food groups, animal source foods were the most expensive, accounting for 35% of the total CoHD while providing 13% of the total calories.

Fruits and vegetables were also costly, making up 11% and 17% of the total CoHD, respectively, but contributing only 7% and 5% of the total calories. Conversely, legumes, nuts, and seeds were the least expensive, representing 7% of the total CoHD.

Since January 2024, the CoHD has been steadily increasing, with June 2024’s figure being 45% higher than January’s ₦858 and 19% higher than May’s ₦1,041.

The primary contributors to this rise include vegetables, legumes, nuts and seeds, and starchy staples.