The SBM Jollof Index: The crushing cost of a pot
Jollof Index shows Nigeria's food costs up 153%, Ghana's rising too. Inflation driven by currency woes, insecurity, supply issues. Urgent policy action needed.
The latest SBM Jollof Index reveals a dramatic escalation in food inflation across Nigeria and Ghana, using the iconic Jollof Rice—a West African staple—as a powerful economic indicator. Drawing on nearly a decade of data, the report highlights persistent and accelerating price surges that are severely impacting households and businesses. In Nigeria, the national average cost of preparing a pot of Jollof Rice soared by 153% between March 2023 and June 2025, reaching ₦27,527.85, while Ghana’s index rose to GH₵420 in the same period. This upward trajectory underscores the profound economic pressures driven by currency depreciation, supply chain disruptions, and regional instability.
Nigeria’s food inflation has decoupled from broader Consumer Price Index (CPI) trends, exposing entrenched supply-side challenges. Key ingredients like rice, onions, and pepper saw hikes of up to 433% in hotspots such as Bauchi, where bandit attacks and drought crippled production. Urban centres like Lagos and Abuja faced steep increases due to logistical bottlenecks and fuel subsidy removals. In contrast, Ghana’s inflation, though volatile, showed signs of moderation, dropping to 16.3% by June 2025, aided by policy interventions and a stronger cedi. The report details how Ghana’s experience, closely mirroring national CPI trends, offers insights into the immediate impact of macroeconomic stabilisation measures.
Regional disparities are stark. Nigeria’s Northeast, particularly Bauchi, recorded an eightfold price surge, while the Southeast grappled with import dependency and insecurity. Meanwhile, Ghana’s Accra and Kumasi reflected urban demand pressures and transport cost fluctuations. The findings reveal how macroeconomic instability, climate shocks, and inadequate infrastructure exacerbate food insecurity, forcing families to adopt coping strategies like bulk buying and ingredient substitutions.
The persistent rise in the Jollof Index in both countries results from a complex interplay of factors, including currency depreciation, insecurity in agricultural regions, fuel subsidy removal (notably in Nigeria), and pervasive supply chain inefficiencies. The report stresses the urgent need for coordinated, long-term policy responses, urging Nigerian policymakers to prioritise security, infrastructure, and agricultural support, while Ghana should sustain macroeconomic stabilisation efforts and invest in productivity enhancements. Businesses should diversify sourcing and invest in resilient supply chains to navigate ongoing volatility.
This report offers a granular analysis of food inflation's drivers and impacts, providing actionable insights for stakeholders. Prioritising security, infrastructure, agricultural support, and resilient supply chains is paramount to safeguarding food security and ensuring sustainable economic stability across West Africa.