The average cost of making a pot of Jollof rice for a family of five in Nigeria, which has been on the rice as a result of increase in price of bag of rice and tomatoes rose from N8,007 in the third quarter of 2021 to N8,595 at the end of the first quarter of 2022, a new report by SB Morgen has shown.
This is as caterers and housewives told BluePrint, it is an understatement.
The 7.3 percent increase was recorded against the backdrop of rise in diesel prices, petrol scarcity, and heightened insecurity across the nation which drove food prices to a record high in the first quarter of 2022.
SB Morgen, a geopolitical intelligence platform, disclosed this in its report titled, ‘The SBM Jollof Index fourth quarter of 2021 and first quarter of 2022; Geopolitics comes for dinner.’
The jollof index captures food inflation in Nigeria by using a delicacy that is common to many households in the country — Jollof rice.
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 research firm said it visited selected markets in the six geo-political zones of the country to determine prices of Jollof rice ingredients, adding that consumers complained about the hike in prices of beef, turkey and chicken.
“In the north-central markets, the prices of turkey, beef, and onions increased. The price increase in February and March can be attributed to the fuel scarcity which increased the cost of transportation of goods — some drivers had to spend the night at filling stations to be able to get fuel for their vehicles and others had to buy from black market vendors at higher rates,” the report reads.
The report said that food prices in Nigeria have risen to record levels in the last five years and Nigeria faces a food security crisis.
“In our previous Jollof Index, we have highlighted the causes, impacts, and policy solutions to the rising food prices in the country and the threat to food security,” the report said.
