Trouble as cost of healthy diet rises by 32% in Nigeria

2 months ago 11

According to data, the price of a healthy diet, or CoHD, rose by 32% to N1,041 for each adult.
The NBS stated that growing prices for foodstuffs from different sources were the reason for the increase
In May, the most expensive food group recommendation to follow was animal-source foods

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Data has shown that the cost of a healthy diet, or CoHD, increased by 32% to N1,041 per adult per day in May 2024 from N786 in December 2023 against the backdrop of a persistent increase in inflation.

This was revealed yesterday in the National Bureau of Statistics (NBS) CoHD report for May 2024. The NBS noted that the increase was caused by rising costs for foods derived from animal sources, legumes, nuts, and seeds, as well as starchy staples.

According to an analysis of the NBS CoHD report covering the period from December 2023 to May 2024, the cost of a healthy diet rose from N786 in December 2023 to N858 in January 2024, a month-over-month increase of 9.2% month on month. In February, CoHD climbed by 9.3 percent to N938 and in March, it jumped by 4.7% to N982.

CoHD increased by 5.4% to N1,035 in April and by 0.6% to N1,041 in May, indicating that the rising trend was still in place.

The report stated,

“The national average cost of a healthy diet was N1,041 per adult per day in May 2024. The CoHD has been steadily rising over the past six (6) months, since December 2023.“In May 2024, the CoHD was 32% higher than it was in December 2023 (N786). It was also 1.0% higher than the cost in April 2024 (N1,035).“The main drivers of this increase in CoHD are starchy staples, legumes, nuts and seeds, and animal source foods. Vegetables and fruits, on the other hand, saw the smallest increase in price month-on-month.”

According to NBS's breakdown of cost share by food group, animal-source foods were the most expensive food group recommendation to meet in May, accounting for 36% of the total CoHD and providing 13% of the total calories.

It added,

“Fruits and vegetables were the most expensive food groups in terms of price per calorie. They accounted for 11% and 12%, respectively, of total CoHD, while providing only 7.0% and 5.0% of total calories in the healthy diet basket.“Legumes, nuts and seeds were the least-expensive food group on average, at 7.0 percent of the total cost.”

According to the bureau, Kano State had the lowest cost per adult daily at N898, while Ebonyi State had the highest average CoHD at N1,225 per adult per day.

The North West had the lowest average CoHD of N919 per day, while the South East had the highest CoHD at the zonal level, at N1,189 per day.

FCCPC to clampdown on traders hiking prices of food

The Federal Consumer Competition and Protection Commission (FCCPC) has started interacting with supermarkets and marketplaces to educate owners and operators on their rights as consumers and the laws pertaining to price fixing.

This was revealed in Abuja during a one-day awareness session for students from Nigerian tertiary institutions hosted by Dr. Adamu Abdullahi, the FCCPC's acting executive vice chairman.

In the past, the FCCPC has invited customers to report any suspected instances of price gouging and other unfair trade practices, stating that it would not stand by and watch as Nigerian consumers were taken advantage of.

Source: Legit.ng

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