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Nigeria

Nigeria: Borno and Yobe Market Monitoring Report, October 2024 - Issue 89

Situation Report
Source
Posted
Originally published

Highlights

  • The food inflation index increased to 39.16 percent in October 2024 from 37.77 percent in September 2024 (a difference of 1.39 percent) due to an increase in the average price of some commodities(1). In October 2024, the official dollar/naira exchange rate closed at ₦1669.97/$1, hence, the dollar appreciated by 4.3 percent when compared to the previous month. At the parallel market, the dollar appreciated by 2.94 percent (₦1700/$1 to ₦1750/$1) in October 2024. This brings the total year-on-year (October 2023 to October 2024) appreciation of the dollar to about 49.6 percent.
  • Between September and October, the value of 70% of the cost of a Survival Minimum Expenditure Basket (SMEB) for a family of five increased by 7% in Damaturu in Yobe State. The October value of the 70% of the cost of SMEB for the family of five in MMC/Jere LGAs decreased slightly by 4% when compared to the previous month. The rising cost of the SMEB in Damaturu and other LGAs is reflective of the increasing trend in the cost of basic food commodities, which contributes to reduced purchasing power among market-dependent households as well as an increased level of inadequate food consumption. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.
  • In October, petroleum pump prices were observed to be on the rise across various outlets, contributing to the high cost of transportation and increased cost of basic food items for consumers. Of all locations monitored in October, fuel prices were seen to be highest in Monguno LGA at an average price of 2500 naira per litre, followed closely by Ngala LGA at 2400 naira per litre, while the lowest price was seen in Dikwa LGA in Borno State with an average of 1090 naira per litre. A month-on-month increase as high as 48 percent was seen in Gulania LGA in Yobe State, followed closely by a 44 percent increase seen in Kala/Balge LGA in Borno State. Please refer to fig.4 for fuel prices in other LGAs of the BAY states.

Reference: (1) National Bureau of Statistics CPI October 2024 Report

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