The inflation rate in Nigeria has experienced a consecutive increase for the third month in a row, reaching 22.04 percent in March from the previous month’s 21.91 percent, as per the latest inflation report that was released on Saturday.
According to a report released by the National Bureau of Statistics (NBS), the food inflation rate in Nigeria has increased to 24.46 percent in March, up from 24.35 percent in the previous month.
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The headline inflation rate for April 2022 has shown a significant increase of 6.13% points when compared to the rate recorded in March 2022, which stood at 15.92% on a year-on-year basis.
The data indicates that the year-on-year headline inflation rate experienced a surge in March 2023 as compared to the corresponding month in the previous year, i.e., March 2022.
The Bureau has acknowledged a surge in the prices of various commodities. Food and non-alcoholic beverages have witnessed a significant increase of 11.42%, while housing, water, electricity, gas and other fuel have seen a rise of 3.69%. Additionally, clothing and footwear have experienced a hike of 1.69%, and transport has also seen an increase of 1.43%.
According to recent data, the expenditure breakdown for households includes furnishings, household equipment, and maintenance at 1.11%. Education expenses account for 0.87%, while health expenses make up 0.66% of the total. Miscellaneous goods and services represent 0.37% of the expenses, followed by restaurant and hotel expenses at 0.27%. Alcoholic beverages, tobacco, and kola expenses account for 0.24%, while recreation and culture expenses make up 0.15%. Communication expenses also account for 0.15% of the total household expenditure.
According to the National Bureau of Statistics (NBS), the surge in the prices of the aforementioned commodities has been a significant factor in the escalation of the inflation rate in the country.
The current state of the Nigerian economy has been a topic of concern for many, with some attributing the challenges to the leadership of President Muhammadu Buhari.
During the current administration under President Buhari, there has been a significant increase in the prices of basic food items. For instance, the cost of bread, which was previously sold at ₦250, has now risen to ₦650.
Similarly, the price of a bag of rice, which used to be ₦7,500, has skyrocketed to ₦38,000, representing an increase of over 100%. The current state of the economy can be attributed to unfavourable monetary policies that have had a widespread impact across various sectors.
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Even the exchange rate between the Nigerian naira and the United States dollar is not exempted. Following the inauguration of President Muhammadu Buhari, the exchange rate between the United States dollar and the Nigerian naira was recorded at ₦200 per dollar.
Under the current administration of President Buhari, the Nigerian naira has experienced a significant loss in value against the US dollar, with the exchange rate currently standing at ₦745 per dollar.
Nigerians are experiencing significant hardship due to poor governance.
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