The average cost of a healthy diet (CoHD), which is the least expensive combination of locally accessible foods that meets internationally recognized food-based dietary standards, has increased by 32% in Nigeria since December 2023. In essence, CoHD simply serves as a key indicator of a person’s ability to physically and financially obtain wholesome food. According to the National Bureau of Statistics (NBS). data, the country’s average cost of a healthy diet increased significantly from ₦786 in December 2023 to ₦938 in February 2024.
During this period, the South West had the greatest average CoHD, averaging ₦1,157 per adult per day, while the North West had an average of ₦723 per adult per day. In March 2024, the average cost of a healthy diet nationwide was ₦982. This represents a 4.7% increase over the amount reported in the preceding month. The states of Ekiti, Lagos, and Abia had the highest costs at the state level, with ₦1330, ₦1249, and ₦1215, respectively. Fruits, vegetables, and starchy staples are the food types that have contributed most to the rise in costs. The list has changed in terms of how much it costs to follow the guidelines for fats and oils.
Costs increased at a quicker rate in the past months.
Up until July 2023, the cost of a healthy foods and all other goods and services grew at nearly the same rate. Subsequently, costs increased at a higher rate than the general Consumer Price Index (CPI), which measures the cost of all goods and services, and more than the cost of other foods for which Retail prices are collected. The CoHD increased at a quicker rate in the past months compared to food CPI, which increased by about 4%.
Data from NBS further show that the national average CoHD increased to ₦1,265 in July, representing a 1.9% m/m increase from ₦1,241 in June and a 47.4% Year-to-date increase from ₦858 in January. The South-West Zone had the highest average CoHD at the zonal level, registering ₦1,581 per day, an increase from ₦1,545 in June. The North-West Zone, on the other hand, had the lowest average CoHD, staying level m/m at ₦956 per day. Ekiti State had the greatest average CoHD at the state level, dropping from ₦1,640 to ₦1,632. On the other hand, Katsina State, which increased from ₦878 in June to N884 per day, had the lowest average CoHD.
Nigeria’s Cost of a Healthy Diet continues to rise.
Based on the CoHD by food group, animal-source foods continued to be the most expensive, averaging ₦451 per day, up from ₦433 in May. Legumes, on the other hand, cost ₦86 per day as opposed to ₦83. To this effect, the Ministry of Agriculture has released a new statistics that demonstrates Nigeria’s efforts to secure more funding for initiatives aimed at enhancing food production and rural livelihoods. Nevertheless, the high pump price of fuel creates more inflationary pressure, which may lessen the effect of aid schemes and the recent Tax freeze on certain foods and other essentials.
As per the monthly report from the Food and Agriculture Organization (FAO) states that in July, the global food price index decreased slightly by -0.2% month over month and -3.0% year over year to 120.8 points. The drop in cereal costs countered rises in the price of meat, sugar, and vegetable oil, which is why global prices fell while the dairy index stayed constant. Yet even with the improvement in food costs across the globe and the deceleration in Nigeria’s July CPI, the Cost of a Healthy Diet continues to rise.
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On the Global Hunger Index (GHI), Nigeria was placed 109th out of 125 nations in 2023, a drop of 8 spots from 2015. The nation’s level of hunger is now categorized as severe, with a GHI score of 28.3. The UN again expressed concern, stating that over 82 million Nigerians, or roughly 36% of the population, may experience extreme food Insecurity by 2030. It emphasized how important it is that the Nigerian government address pressing problems including pest infestations, climate change, and other challenges that jeopardize Food Security and agricultural output.