Inflation levels across Africa's largest economies range from low and stable in Morocco to high and concerning in Nigeria. Egypt and Nigeria have seen inflation rise to record levels, driven partly by currency devaluations in both countries.
Nigeria has not only fallen from its top spot as the continent's largest economy, but it now holds the spot for the highest inflation rate amongst the top ten economies by GDP.
The Cost of a Healthy Diet (CoHD) represents the most affordable combination of locally available foods that meet global dietary standards for a balanced diet, excluding transportation and meal preparation costs.
In Nigeria, the CoHD surged by 91%, rising from ₦703 in October 2023 to ₦1,346 in September 2024. This sharp increase underscores Nigerians' escalating financial challenges in maintaining a nutritious diet.
Argentina's inflation rate dropped to 209% in September 2024 from 237% in August, slightly easing costs. Despite this, the South American country still has the highest inflation rate of the 184 countries and territories ranked.
Nigeria's inflation rate stands at 32.7%, ranking 9th globally and 4th in Africa after South Sudan, Zimbabwe, and Malawi.
The average price of cooking gas in Nigeria has increased significantly, from ₦370 per kg in early 2016 to ₦1,390 per kg in June 2024.
After prices peaked at nearly ₦1,500 in May 2024, they fell by 6.1% in June.
The contributing factors to the increase include global energy fluctuations, naira depreciation, supply chain disruptions, and changes in domestic policies.
Here are the average prices of cooking gas in Nigeria since 2016.
Rising fuel costs are impacting transportation prices of goods and services, straining household budgets and contributing to inflation. The average cost of petrol in Nigeria has increased by 25% since July 2023. Diesel prices have seen an even sharper increase of 85%, rising from a national average of ₦794 in July 2023 to ₦1,462 in June 2024.
The cost of cooking gas nationwide increased from an average of ₦10.3k in March 2023 to nearly ₦16k in March 2024.
However, the northern regions had the most affordable prices. The North East had the lowest average price of ₦14.9k for a 12.5kg cylinder.
In Katsina, the average price for 12.5kg of cooking gas was ₦12,400 as of March 2024, the lowest in the country.
Inflation rate in Nigeria increased to 31.7% in February 2024. Nigeria has the 13th highest inflation rate out of 186 countries and territories as of February 2024.
The data showcases Argentina leading with 276%, followed by Lebanon and Syria. Seven of the top fifteen are African.
Data from the National Bureau of Statistics reveal that the average bread prices in Nigeria increased by 20.71% for unsliced bread and 17.25% for sliced bread year on year. As Nigerians mourn this rise in cost, we consider the average bread prices over the past 24 months.
While many living in Nigeria have already experienced the effects of the fuel subsidy removal on their daily expenses, this chart presents a clearer picture of reality. Will the prices of food items continue to rise? Is there hope of some respite soon?
With about 24.8m people in Nigeria facing acute food insecurity, the country is first on the World Food Programme's list of hunger hotspots in 2023. 11 of the 20 countries on the list are African.
