HIGHLIGHTS
- The food inflation index increased to 40.66 percent in April from 40.53 percent in March 2024 with a difference of 0.13 percent due to an increase in the prices of some food items1. In May 2024, the official Naira/Dollar exchange rate closed at ₦1482.98 against the dollar, depreciating by 11.5 percent when compared to the previous month. In the parallel market, the naira depreciated by 9.3 percent to a dollar (₦1360/$1 to ₦1486/$1) in May 2024. This brings the total year-on-year (May 2023 to May 2024) depreciation of the Naira to about 95.5 percent.
- Between April and May, the value of 70% of the cost of a Survival Minimum Expenditure Basket (SMEB) for a family of five increased by 2% in Damaturu in Yobe State. The April value of 70% of the cost of SMEB for a family of five in Damboa LGA in Borno State increased by 17% when compared to the previous month. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.
- In May, petroleum pump prices were observed to still be on the rise across various outlets. Fuel prices were seen to be highest in Dikwa LGA of Borno State at an average price of 1,508 naira per litre, while the lowest price was observed in Yunusari and Damaturu LGAs both in Yobe State with an average pump price of 912 naira per litre. In Gujba LGA in Yobe State, fuel pump prices increased by 36 percent from an average price of 756 naira in April to 1,026 naira per litre in May 2024.
Please refer to Table 5 for fuel prices in other LGAs of the BAY states.