Nigeria’s inflation rate has surged to a record high, with prices of goods and services skyrocketing across the country. Naija247news reports that the latest data from the National Bureau of Statistics (NBS) shows that the inflation rate rose to 28.92% in December 2023, up from 27.33% in November, marking the highest level in over two decades.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, the persistent rise in inflation has been attributed to several factors, including the depreciation of the naira, high fuel prices, and supply chain disruptions. “The cost of living is becoming unbearable for many Nigerians. Prices of food, transportation, and other essentials are increasing daily,” said a market trader in Lagos who spoke to Naija247news.
Naija247news gathered that the depreciation of the naira has been a major driver of inflation, as it has increased the cost of imported goods and raw materials. The Central Bank of Nigeria (CBN) has struggled to stabilize the currency, despite several interventions in the foreign exchange market.
Naija247news understands that the removal of fuel subsidies in May 2023 has also contributed to the rising inflation rate. According to Naija247news, the price of petrol has more than tripled since the subsidy was removed, leading to higher transportation costs and a ripple effect on the prices of goods and services.
The ongoing security challenges in many parts of the country have further exacerbated the situation, disrupting agricultural activities and limiting the supply of food items. “Farmers are unable to access their farms due to insecurity, and this has led to a shortage of food in the market,” said an agricultural economist who spoke to Naija247news.
According to Naija247news, the rising inflation rate has put additional pressure on households and businesses, with many Nigerians struggling to afford basic necessities. “The government must take urgent steps to address this crisis. Nigerians are suffering, and the situation is getting worse by the day,” said a civil society activist who spoke to Naija247news.
Naija247news reports that the CBN has raised interest rates several times in an attempt to curb inflation, but the measures have yet to yield significant results. Economists have called for a more comprehensive approach, including increased investment in agriculture, infrastructure, and security, to address the root causes of inflation.
As Nigerians grapple with the rising cost of living, Naija247news gathered that there is growing frustration with the government’s handling of the economy. “We need concrete actions, not just promises. The government must act now to alleviate the suffering of the people,” said a resident of Abuja.
