Home Business Cost of Living in Nigeria Rises By 19% in One Month- NBS.

Cost of Living in Nigeria Rises By 19% in One Month- NBS.

by ArmadaNews
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The National Bureau of Statistics (NBS) has said that the Average Cost of a Healthy Diet (CoHD) in Nigeria surged to ₦1,241, representing a 19.2% increase in June from the ₦1,041 recorded in May 2024.

The CoHD, according to the statistics office, is calculated based on the least expensive combination of locally available foods that meet global dietary guidelines.

In its latest release obtained by ARMADANEWS, the NBS said 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.

The CoHD has been on a steady rise since January 2024, 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.

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