The latest SB Morgan Jollof Rice Index for September shows the average cost of making a pot of jollof rice has increased by 5.1 per cent to N21,300, up from N20,274 in June 2024.
The report also revealed a 25.63 per cent rise from N16,955 spent in the six months ending March 2024.
With the 2024 minimum wage at N70,000, Nigerians now spend an average of 30.8 percent of their income on meal preparation.
The report indicates Nigeria’s food inflation has remained high, averaging 39.53 percent in June and July 2024, slightly easing to 37.77 percent in September.
Despite minor adjustments, hyperinflation has worsened food insecurity, pushing prices out of reach for many and fueling public unrest.
The report said, “The cost of preparing jollof rice, the average price of cooking a pot of jollof rice in Nigeria rose from ₦20,274 in June to ₦21,300 in September, marking a 5.1 per cent increase.
“Our previous Index highlighted how the prices of ingredients like tomatoes and peppers had surged by over 300 per cent in June, and this only slightly relieved in July.
“By August, the national average cost of making a pot of jollof rice rose by an additional N390 and increased further by N1,181 in September.”
While the cost of tomatoes and peppers dropped from over ₦100,000 to between ₦18,000 and ₦30,000 in August and September, the report highlights continued rises in other staple foods, making it harder for families to meet basic dietary needs.
The report stated that Nigerians are grappling with ongoing price increases on essentials, limiting access to nutritious meals.
Protein sources remain costly, limiting balanced nutrition. The rising costs are attributed to high energy prices and insecurity.
Electricity tariffs have surged over 300 percent since April, and cooking gas prices climbed from N14,200 in July to N16,500 in September.
Petrol prices rose from N830.46 in August to N1,030 in September, increasing transportation and food storage costs and pushing food prices higher.
The report added that severe flooding, intensified by heavy rains and the Alan Dam collapse in Borno, affected 29 states, impacting over a million people, claiming 311 lives, and injuring more than 3,174.
This disaster, the report said, has deepened hardship in communities already facing inflation and limited resources.
The survey covers price trends across 13 Nigerian markets, noting varied changes, with some markets experiencing declines, others rising, or remaining stable.
The report noted, “Onitsha Market saw the largest price drop, while Awka and Lagos’ Trade Fair Market experienced slight decreases.
“In contrast, Nyanya Market in Abuja recorded the sharpest increase, driven by local supply chain disruptions and rising transportation costs.
“In terms of market trends, while Onitsha and Kano markets saw price declines of up to 13.2 per cent and 3.5 per cent, respectively, Abuja’s Nyanya Market recorded a sharp 29.5 per cent increase due to supply chain disruptions and rising transport costs.”