Nigerian jollof is about to become a luxury item, reserved for very special occasions, as that, alongside other basic items, will experience a price hike in 2023. SBM Intelligence’s analysis is based on Nigeria’s current inflation growth rate, which is already one of the highest in the world.
It’s no news that the prices of food, transportation, and other basic commodities have become much more expensive than it used to be just 1 year ago, causing people to spend more from earnings that are not growing.
There is no relief in sight especially if the country’s inflation rate continues to climb as projected.
Since the year started, Nigeria’s inflation has been on a “galloping trend”, reaching 17.7% in May against the 16.8% recorded in April.
Using Nigeria’s current inflation figure, SBM estimates that today it costs a family of 5 the sum of N8007.5 to cook a pot of jollof rice. This price is projected to increase by 19.5% to 9,568 by May next year.
This projected increase is not applicable to jollof rice alone but also to movie tickets. For many Nigerian families and lovers especially in urban cities, going to the cinema is one of the ways to bond and socialise. Data from SBM says a cinema ticket at Jabi Lake Mall, Abuja is currently sold at N3,500 but by May 2023, the price may up by 15.2% to N4,032
The price of other items expected to increase if the current inflation rate persists include cornflakes, medical consultation, God is Good Motors (GIGM) Lagos-Onitsha route, and monthly data subscription.
The price of a 500grams of Kellog’s corn flakes is predicted to jump by 19.4%, while medical consultation at Ogba hospital will increase by 16.4%. GIGM Lagos-Onitsha route and a 1.5GB MTN one-month data plan are projected to experience a 16.4% and 11% increase, respectively.