Food inflation: Cost of healthy diet drops – NBS

Nigeria’s National Bureau of Statistics (NBS) has reported a slight decline in the cost of a healthy diet, dropping to N1,255 per day in August 2024 from N1,265 in July, representing a 0.8% decrease.

This decrease comes despite the country’s high food prices and inflation rates, with headline and food inflation standing at 32.15% and 37.52% in August, respectively.

NBS said: “This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.”

The NBS data reveals significant regional disparities in the cost of a healthy diet.

The South West zone recorded the highest average cost at N1,554 per adult per day, while the North West zone had the lowest at N1,014 per adult per day.

However, many Nigerians are sceptical about the NBS’s inflation data, arguing that it doesn’t accurately reflect reality.

Mr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, noted that despite the reported decline in inflation, prices of goods and services remain high.

In an effort to address food security challenges, the Nigerian Government announced a 150-day zero import waiver on staple foods, including husked brown rice, grain, sorghum, millet, maize, wheat, and beans, effective from July 15 to December 31, 2024.

The waiver aims to make essential commodities more affordable for citizens.

Companies importing these items must meet specific requirements, such as being incorporated in Nigeria, having sufficient farmland or feed mills, and selling at least 75% of imported items through recognized commodities exchanges.

The Nigeria Customs Service has released the waiver’s guidelines, despite its slow implementation.

The government hopes this measure will help alleviate the hardship faced by Nigerians due to high food prices.