Jollof Price Surge: Nigeria’s Cost Soars 19.6%, Ghana Sees Relief

Confidence UbaniJuly 25, 20241 Mins read194

According to a report by SBM Intelligence on Thursday, Nigeria’s food inflation is alarming as the cost of making traditional dishes like jollof rice skyrockets. SBM’s Jollof Index revealed the grim situation for June.

SBM Intelligence developed the Jollof Index to measure food inflation in West Africa, particularly in Ghana and Nigeria. The data is obtained from different markets by tracking the costs of ingredients for preparing jollof rice for a group of five.

Nigeria Jollof Index — Credit: SBM Intelligence

The average cost of making a pot of jollof rice in Nigeria jumped from ₦16,955 in March to ₦20,274 in June, representing a 19.6% increase. As earlier reported, the nation’s inflation rate approached a new high of 34.19 per cent in June. In the 13 markets in the survey, Onitsha saw the most significant rise in the cost of making a pot of jollof rice, with an increase of 50.0%. Meanwhile, the Balogun market in Lagos had the smallest increase, at just 2.3%. These hikes were driven by substantial price hikes in key ingredients, particularly tomatoes and peppers.

In response to these challenges, many Nigerians have resorted to alternative ingredients, while others are returning to farming to supplement their income. However, the situation remains dire, particularly in urban areas.

Ghana, on the other hand, has shown marginal improvements in its food inflation rates over the same period, with the year-on-year rate decreasing from 26.8% in April 2024 to 24% in June 2024. However, despite this downward trend, approximately two million Ghanaians are food insecure.

The upcoming protests, dubbed “EndBadGovernance,” are set to occur across Nigeria from August 1 to 15. Organisers are motivated by the ongoing economic hardship and the soaring cost of living.

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