A report by SB Morgen (SBM) Intelligence, a geopolitical research firm, has indicated that food inflation in Nigeria spiked in the third quarter of 2022, Q3'22, due to insecurity, intermittent energy shortages and fuel prices.

In the report released yesterday, titled, 'Jollof Index Q3 2022: Brace for Impact', the research firm, using the Nigerian delicacy to gauge food inflation, said that the average cost of making a pot of jollof rice for a family of five increased by 7.6 percent from an average price of N9,220 in June to N9,917 in September.

According to SBM, across the 13 markets surveyed, Wuse II recorded the highest cost of making a pot of jollof rice at N13,150, while Onitsha had the cheapest price at N8,510.

It noted that the price of rice, a significant ingredient in the jollof index, has been rising due to a weakened naira and scarce forex, which affect imports, adding that the prices will further increase as floods destroy extensive rice farmlands across the country.

"Prices of protein items such as turkey and beef also increased in most markets due to the increased cost of chicken feed and higher energy costs. The price of eggs - an important substitute to costlier protein sources - has also significantly increased," the report reads.

"Northern markets (Wuse II, Nyanya, Kano and Bauchi) had higher costs of making a pot of jollof rice than markets in other regions due to insecurity and fuel scarcity attributed to the lack of access roads due to the flooding in Lokoja, Kogi state but the south-east witnessed slight price reductions in this quarter's 'jollof index' due to the recent relative stability seen in the region.

"As government-imposed import restrictions, exchange rate depreciation and scarce forex worsen food availability and costs, Nigerians are running out of ideas to cope with the situation, and many are seeing similarities between this period and the period between 1984 and 1996 when Nigeria had the worst inflation rates."