Inflation: Cost of living jumps by 19% in one month

This figure represents a 19.2 percent increase compared to the previous month’s cost of ₦1,041 in May 2024.

The Cost of a Healthy Diet (CoHD) reflects the most affordable combination of locally available foods that align with globally recognized food-based dietary guidelines.

It serves as an indicator of both physical and economic access to nutritious diets, representing a minimum daily cost per adult, excluding expenses for transportation and meal preparation.

Inflation reached 34.19 percent in June, marking a 0.24 percent rise from the inflation rate recorded in May 2024, as reported by the NBS.

In June 2024, the average CoHD was highest in the South West, at ₦1,545 per adult per day, while the North West recorded the lowest at ₦956 per adult per day.

Notably, the CoHD has been increasing at a faster pace than both overall inflation and food inflation in recent months.

At the state level, Ekiti, Ogun, and Osun States reported the highest costs, with ₦1,640, ₦1,599, and ₦1,557, respectively. Conversely, Katsina, Kano, and Jigawa had the lowest costs, at ₦878, ₦926, and ₦937.

Regionally, 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 had the lowest average, at ₦956 per day.

Animal source foods emerged as the most expensive food group in June, comprising 35 percent of the total CoHD while contributing only 13 percent of the total calories.

Fruits and vegetables were also high in cost relative to their calorie content, accounting for 11 percent and 17 percent of the total CoHD, yet only providing 7 percent and 5 percent of total calories in the Healthy Diet Basket. Legumes, nuts, and seeds were the most economical food group, representing just 7 percent of the total cost.

Over the past six months, since January 2024, the CoHD has been on a steady upward trend.

In June 2024, it was 45 percent higher compared to January 2024 (₦858) and 19 percent higher than in May 2024 (₦1,041).

The primary factors driving this increase in CoHD include vegetables, legumes, nuts, seeds, and starchy staples.