Garri, Dudu Osun, Sanitary Pads, and Other Consumer Items Priced High in Last One Year – SBM Intelligence

Oluwasegun SanusiMay 11, 20242 Mins read541

In Nigeria, the cost of living has reached an alarming level, causing widespread concern and hardship among ordinary citizens. The persistent rise in prices of goods and services has made it increasingly more difficult for Nigerians to afford necessities.

Recent reports by SBM Intelligence shed light on the severity of the situation, highlighting a significant depreciation of the local currency against the US dollar, exacerbating the already dire economic conditions.

This has led to a surge in import costs, further burdening a population already struggling under high levels of external debt. One of the most pressing issues contributing to the crisis is the soaring cost of food.

”Dudu Osun (a single soap bar) is the fastest-rising item in our database, followed by petrol. Aside from Dudu Osun, petrol and sanitary pads, all the other items in the top 10 are edible, reinforcing our theory that Nigerians are being squeezed tightest at the dinner table,” SBM report.

Inflationary pressures have been particularly acute in recent years, exacerbated by government policies such as the removal of petrol subsidies and the devaluation of the naira.

The latest data from the National Bureau of Statistics (NBS) revealed a staggering increase in headline inflation, reaching 31.70% in February 2024 compared to the previous year.

Among the essential commodities witnessing significant price hikes are food items like garri, millet, yam, fish, palm oil, and beverages like Lipton tea and Milo.

According to SBM Intelligence, the cost of preparing a pot of jollof rice, a staple delicacy in Nigerian cuisine, has surged by 29.3% from October to March 2024.

The impact of these price increases is acutely felt across various sectors, with food and non-alcoholic beverages, housing, transportation, and healthcare registering substantial contributions to the overall inflation rate. The average Consumer Price Index (CPI) for the twelve months ending March 2024 rose by 27.13%, marking a worrying 6.76% increase compared to the previous year.

To quantify the inflationary trends, SBM Intelligence tracked the cost of preparing a pot of jollof rice across 13 markets in six geopolitical zones, reflecting the broader economic challenges Nigerian families face.

However, a video of a repeated interview with President Bola Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, said Nigerians have experienced a significant increase in spending power in the past months.

Ngelale’s remarks, however, have sparked outrage among Nigerians, who vehemently contest the claims, citing the glaring disparity between the government’s narrative and the grim economic realities they face daily.

You can download the full report by SBM Intelligence below:

The Price of Everything