Latest report from the National Bureau of Statistics (NBS), shows that the average Cost of a Healthy Diet (CoHD), has been steadily rising over the past six months, since February 2024. In July 2024, the CoHD was 35 per higher than it was in February 2024 when it was N934.
The report say the CoHD was N1,265 in July 2024. This is 1.9 per cent higher than the amount recorded in the previous month of June 2024, which was N1,241.
This latest report contrasts sharply with the reported decline in food inflation from 40.87 per cent in June to 39.53 per cent in July 2024, a situation that was said to have been driven by the drop in the prices of some food items because of the commencement of wet season harvests.
The NBS said Cost of a Healthy Diet is the least expensive combination of locally available items that meets globally consistent food-based dietary guidelines. It is used as a measure of physical and economic access to healthy diets. This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.
The report said in July 2024, the average CoHD was highest in the South West at N1,581 per adult per day, compared to N956 per adult per day in North West.
“In recent months, the CoHD has risen faster than general inflation and food inflation,” the report said, adding, “However, the CoHD and the food CPI are not directly comparable; the CoHD includes fewer items and is measured in Naira per day, while the food CPI is a weighted index.”
The report notes that animal source foods were the most expensive food group recommendation to meet in July, accounting for 36 per cent of the total CoHD to provide 13 per cent of the total calories. Fruits and vegetables were the most expensive food groups in terms of price per calorie; they accounted for 10 per cent and 17 per cent, respectively, of total CoHD while providing only 7 per cent and 5 per cent of total calories in the Healthy Diet Basket. Legumes, Nuts and Seeds were the least-expensive food group on average, at 7 per cent of the total cost.
The main drivers of this increase in CoHD are Vegetables, Legumes, Nuts and Seeds, and Starchy Staples. On the other hand, Oils and Fats saw a decline in price by 6 per cent on monthly basis.