Report: FX fluctuations, soaring energy costs caused food price surge between October and March

SB Morgen Intelligence, a geopolitical research firm, says soaring inflation, increased energy costs, and fluctuating foreign exchange rates caused a hike in the cost of food items in West Africa between October 2023 and March 2024.

SBM said among the West African English-speaking countries, Nigeria experienced one of its worst food crises — with food inflation rising from 31.51 percent in October 2023 to 40.1 percent in March 2024.by the depreciation of the Naira, which reached an all-time high of over N1,600 to a dollar in March 2024, affecting the prices of imported food,” the report said.

During the period examined, according to the data, the average cost of preparing a pot of jollof rice rose from N13,106 toHighlighting the impact of food inflation on Nigerian households by states, the report said Onitsha market experienced the highest percentage increase at 44.9 percent, with the cost of preparing jollof rice rising from N10,280 to N14,900.

“Similarly, the Dugbe market in Ibadan experienced a 32.7% rise, with prices increasing from N11,770 to N15,620.

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