The SBM Jollof Index for the third quarter of 2023 shows the average cost of a jollof rice bowl for five persons was N13,106 in September. It was only N4,087 in 2015.

SBM’s Jollof Index, published on Thursday, used jollof rice as a point of reference to the food inflation ravaging West African countries such as Nigeria and Ghana.

According to this index, Ghana’s food inflation rate stood at 49.3 percent while Nigeria’s reached 30.64 percent.

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“The statistics are alarming: food inflation surged from 9.2% in January 2015 to a staggering 21.82% by January 2023. Our Jollof Index also dramatically increased, jumping from a national average of N4,087 in July 2015 to N13,106 in September 2023—a 220.7% increase. This spike has strained Nigerian households, particularly those earning minimum wage. The transition to a new administration was anticipated to impact food prices positively,” the index read in part.

“However, two immediate policies enacted by the current government—the naira devaluation and the removal of petrol subsidies—have worsened food affordability and accessibility. This has led to an increase of about 5% in the national average price for making a pot of jollof rice within three months. Between June and September, the national average price rose from N12,504 to N13,106.

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“The prices of turkey, chicken, tin tomatoes and various seasonings have also increased, reflecting a broader inflationary trend. This upward trend extends to other staple foods across the country. Notably, the average cost for a bag of rice has escalated from N50,000 in June to N56,000 in September. These price increases are primarily attributed to the rising fuel costs, which are essential for food preservation and transportation, and the currency devaluation, which affects imports.

“Beyond the Jollof Index, we surveyed the prices of other staples such as bread, beans, tea, beverages and tubers. These all reflected a widespread price increase, making it harder for consumers to afford essential food items. The cumulative effect of these challenges highlights the urgency for effective policy responses to stabilise the food market and ensure access and affordability for the average Nigerian.

“Protests over high food prices and increasing costs have already begun in many parts of the country, including those by labour unions, frozen food retailers in Delta, and Poultry farmers in Ogun State, among others. These protests signal potential unrest that demands immediate attention.”

The National Bureau of Statistics (NBS) submitted that food inflation jumped up to 31.52 percent in October. Food inflation was 30.64 percent in September.

Rising food inflation figures and more expensive food further negatively impact low-income earners. Most Nigerians live under the poverty line. This means that malnutrition and starvation risks have gone up in Nigeria.