The retail price of a 70 gram Indomie Noodles carton has jumped 40% to about N2,100 in October compared to about N1, 500 in August 2016.
The data was obtained from Nairametric’s bi-weekly Household Food Prices survey, where we track prices of select household goods and services.
Indomie Noodles is a popular staple food in Nigeria and is consumed by nearly all age brackets. According to our survey, the increase in prices is attributed to the devaluation of the naira which has increased input cost for most businesses in the country.
The National Bureau of Statistics had in September announced an inflation rate of 17.85% even though month on month priced appear to be moderating.
Get the rest of our Food Price survey here.
