• Inflow of food from the recently completed harvest into markets has contributed to stability in the prices of a few food items (maize and local rice). However, overall prices of key staples remained generally above their values of December 2019, mainly due to the impact of high transport costs, flooding and the significant weakness of the Naira.
• Insecurity and conflict continued to disrupt market activities in the northeast, undermining livelihoods and eroding purchasing power. Food prices in the northeast remained much higher than in the rest of the country.
• The cost of the 70 percent of the Survival Minimum Expenditure Basket (SMEB) for a family of five increased slightly from 19,310.56 Naira (November) to 19,502.14 Naira (December) in Maiduguri and Jere in Borno State. The SMEB decreased slightly from 17,380.79 Naira (November) to 17,363.96 Naira (December) in Damaturu, Yobe State.
• The annual inflation rate rose by 14.89 percent in December 2020 as against 14.23 percent recorded in November 2020. As insecurity in farming areas, weakened Naira and dollar shortages stoked rise in food prices. Coupled with this, Nigeria also faces recession in its economy