THE average cost of making a pot of jollof rice for a family of five in Nigeria has risen by 7.3 per cent, from N8007.50 in the third quarter of 2021 to N8,595 at the end of the first quarter of 2022, reflecting the worsening food crisis in the country.

The hike was disclosed in SB Morgan’s latest report titled; ‘Jollof Index Q4 2021 & Q1 2022: Geopolitics Comes for Dinner.’

The SB Morgan Jollof Index, developed by SBM Intel, an Africa-focused research firm, simplifies the appreciation of food inflationary trends using a common delicacy that most Nigerian households enjoy – the jollof rice.

It tracks how much it costs to make a pot of jollof rice across 13 markets in nine states in the six geopolitical zones for a family of five or six, the average rural and urban family size in Nigeria.

The Jollof index covers major food items used in making a pot of jollof rice, such as rice, curry, thyme, seasoning, groundnut/vegetable oil, turkey/chicken, beef, pepper, tomatoes, salt and onions.

The report states that insecurity has plagued the country to disturbing degrees, citing that this has affected food distribution as some food supply routes are considered unsafe.

“The average cost of making a pot of jollof rice for a family of five went up from N8007.50 in Q3 2021 to N8595 at the end of Q1 2022, a 7.3% increase,” the report states.

It notes that price surges are now a common phenomenon in all the markets as the approach of running to outskirt markets in a bid to save costs is no longer tenable.

“This showed particularly in Abuja. It will cost the most to make a pot of jollof rice in Wuse II at N10,900, while Bayside Mbakpa in Calabar accounts for the lowest cost of making a pot of jollof rice at N6,840,” it notes.

It reveals that traders now call dealers on a daily basis to confirm if there is a price change before they begin the day’s sales because they stand a risk of not being able to replace stocks, as profits are very marginal due to the high cost of goods.

The report reads, “Customers also complained about their inability to add protein to their meals. A respondent stated, ‘Beef, chicken, and fish have become so costly these days. I am not even talking about turkey. I removed that one from my menu a long time ago, and now that everybody wants to add egg, it has gone up too. It is now about N80 or N90, depending on whether you buy the small or big one.’ “

It says that due to the high poverty level in the country, food quantity has become the major priority for people over dietary requirements and food quality.

The SBM Intelligence report corroborates the report by the National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) for March 2022, which revealed that Nigeria’s inflation rate rose to 15.92 per cent in March 2022, the highest rise since October 2021.

READ MORE HERE: https://www.icirnigeria.org/food-crisis-cost-of-preparing-pot-of-jollof-rice-rises-by-7-3-per-cent-to-n8500-report/