Nigeria’s economy continues to witness a surge in its inflation rate, as it records a consecutive monthly surge to 18.60 percent in June 2022, from May’s 17.71 percent. This signifies a 0.9 percent rise rate in the month-on-month basis, within the space of May and June 2022. Based on the year-on-year analysis, this illustrates a 0.84 percent point rise, higher than the recorded rate of 17.75 percent of June 2021, the peak since January 2017.
The National Bureau of Statistics (NBS) confirmed this on Friday, during its release of its consumer price index (CPI) report that tracks the recurrent prices of the consumer goods and services as purchased by Nigerians. This surge in inflation rate has led to a huge rise in the prices of food and other expenditures in the country and it evidently reflects the government’s incapability at maintaining a stable economic progression and salvaging the surge in the country’s cost of living.
Every classification of individual consumption witnessed an increase.
Dr. Muda Yusuf, founder and Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE), in reaction to the insistent surge in inflation rates in the country averred that high energy cost is an important driver of inflation in the country. he further solicited that the government must fix this situation by immediately placing a hold on every form of levies and taxes that is imposed on the importation of petroleum products so as to imminently cause a relief on the high cost of energy.
Reports indicates that basically every classification of individual consumptions ranging from food, transportation and other basic needs witnessed an increase according to purpose (COICOP) divisions which subsequently generated the index indicated in the headline. According to the report, the inflation rate witnessed an increase of 1.82 percent on a month-on-month basis in June 2022. Reports further stated that the change in percentage in the average composite consumer price index of the 12 months that ends in June 2022 over that of the previous year is 16.54, displaying a 0.62 increase.
Food Inflation immensely affected the cost of living of most citizens.
According to the report, food inflation increased by about 20.60 percent in June 2021, on the year-on-year basis. However, the percentage of average price level experienced a change which inclined at about 1.23 percent, when equated to the 21.83 percent of June 2022. This increase is reported to have immensely affected the cost of living of most citizens with the minimum wage not increasing to suit the inflation in consumer prices. It has become herculean for the average citizens to have a purchasing power over basic needs due to this recurrent inflation.
The report went further in explaining that the degree of changes in the prices of food when compared to the same period last year was evidently higher as a result of the difficult food price instability that was shaped by the Covid-19 pandemic. It added that the hike in food index was as a result of the rapid increase in the prices of bread, cereal and food products such as potatoes, meat, oil and wine. The food sub-index, on a month-on-month basis increased to 2.05 percent in June 2022, compared to May’s 2.01 percent.
The prices of food consumed by most families have significantly increased.
June 2022 however saw all items inflate higher in the year-on-year basis in states like Bauchi (21.99%), Kogi (21.37%), Ebonyi (20.37%), while states like Sokoto (16.31%) and Jigawa (16.37%) recorded a measured rise in the headline year-in-year inflation. The charges of goods consumed by numerous families have increased significantly by 30 to 100 percent over the past year. Due to this surge in inflation rate, numerous citizens no longer have the purchasing power over their basic needs, incomes are being miserable and the poverty level has worsened.
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The inflation rate is in Nigeria is at all time high everything you can think off is on the increase food,cost of living where as minimum wage as being stagnant and every other thing keep increasing at all levels,Nigeria is now survival of the fittest.
The nation is facing high level of inflation rate. The govt should intervene and keep this inflation at a bare minimum. Working class citizens are oppressed by high cost of living and the lower class are forced to live on the streets or their cars. Nigeria today is a jungle for survival meaning that people are seriously poor and can’t afford a normal lifestyle. We hope for a govt that would put it’s citizens wellness first in this country. We are arguable the poorest country of all time.
All the statistics are correct and even high in some area, a sensible government all over the world would do something to reduce the effect of inflation on her citizen but Nigeria government will not do anything and the citizens wouldn’t talk or stage a protest so that the government can do something to reduce it.
Our country inflation should be reduce it always high every time, things shoukd be done in other to reduce the inflation of the country the cost of living is very high and people are suffering
Inflation rate as been one of our major problem in our country, things should be done in to reduce or regulate the inflation rate standard of living will be hard for the people is nothing done so something as to be done
The inflation in our economy is so bad. We are not producing enough in our country. We still continue to import goods flamboyantly and excessively. Some people buy dollars to keep. We do alot of things that are damaging our economy. There is not enough money flow in our economy and that is increasing the inflation rate in Nigeria. It is really well.
Nigeria inflation rate has always been on high level, which makes our economy to be in shambles. People can’t afford high cost of living which makes poverty rate keep increasing. Our government are not ready to put things right. we only hope for Gods mercy on us.
The inflation in our country is bad been our majorly problem with this high rate of living and low income it hard for people to survive
Inflation in Nigeria is extremely high and has impoverished so many Nigerians. Everything single things in the market have tripled their price within a year. More and more people are now living in abject poverty that is why we are seeing increase in the rate of crime committed everyday. Government should do the needful to alleviate this undue pressure on the masses by following the advise given by Dr. Muda Yusuf, founder and Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE) to hold on with the taxes and Levi placed on the masses.
This spike in the country’s inflation rate has resulted in a significant increase in the cost of living across the board, particularly concerning the cost of food.
In Nigeria already the masses are struggling to survive now with this inflation rate, things will be out of control. Already we’re witnessing companies folding up due the harsh condition of the country. Many more people will be begin to live in abject poverty. More people a taking to criminality just to survive. Government must find away to reduce this undue tension in the country. Government need to go through their policies and make it more favourable to the masses more especially the taxes and Levis to ease the tension.
The increase in the inflation rate has caused a lot of havoc to startups and even families.
Our currency keeps experiencing devaluation every day and it doesn’t seem to be getting better.
Apparently, we can’t continue like this when things are falling apart, it’s high time the government wakes up to put things under control.
This current government has caused too much damage to our economy. We now have to pay double for every goods we buy. Right now all I can say is that people should wisen up and vote for the right people, if not the rate of poverty in this country will be unpleasant
At this rate, less than 50% of Nigeria residents will be able to afford foodstuffs. This inflation rate is actual alarming and it’s just too sad that our government are not doing anything to help. The cost of living is just increasing everydaY. It’s only God that can help us in this country
High inflation hits Nigeria because government don’t have plan for the country. They only collect big salary and different kinds of allowances which is not necessary, still yet they are not doing their work…… Selfness and wickedness
Inflation rate as been one of our major problem in our country which makes our economy to be in shambles. People can’t afford high cost of living which makes poverty rate keep increasing.
Government should do the needful to alleviate this undue pressure on the masses.
The cost of living in this country is overwhelming. Prices of goods are increasing without the rate of wages and salaries increasing. How is government expecting us to survive. They really need to word of the economy situation of this country and also reduce the rate of importation and concentrate on locally made goods.
This increase in inflation rate will have a bad turn on low income earners. They might not even be able to afford 2 square meals with the way the prices of food stuffs are increasing. This is just too sad .
Every day our inflation becomes worse, and our government needs to find a viable solution to this fast if not, things will be extremely hard in this country for us the citizens.
Many people no longer have the buying capacity to satisfy their fundamental requirements due to the recent spike in the inflation rate.
Because of inflation, many aspects of our society have deteriorated, including the quality of our lives, the value of our incomes and the ability and power to get specific needs have declined.
This country’s administration is obviously unable to keep a steady economic progression and prevent an increase in the cost of living from spiralling out of control, which is clearly reflected in the quick ascent of inflation in this country.
This is sad news for the citizens of Nigeria because inflation has boosted the rate of poverty in the land. Things are now more difficult.
There was a time that 1 naira was equal to 1 pound, but if you check it now, you will want to cry for the state of this country; it is getting worse and worse. It’s only God that can save us at this point.
The importation of items derived from petroleum should be subject to taxes in order to bring about immediate relief from the high cost of energy and to bring inflation under control.