DAILY POST
A few days into the festive period, there are clear signals that Nigerians may experience a bleak yuletide as the country’s inflation soared to 28.20 per cent in November, the highest since August 2005.
According to the National Bureau of Statistics, the figure represents the eleventh time Nigeria’s inflation rate is increasing in 2023.
From January to November this year, the country’s inflation rate increased by 6.68 per cent, the fastest since the recession that struck the nation in 2016.
Food items, accommodation, clothing, electricity, education fees and other prices have all hit the rooftop.
A further analysis showed that food inflation, which stood at 32.84 per cent in October, is the primary driver of the country’s rising headline inflation rate.
For instance, a 50kg bag of rice now sells for N55,000 from N38,000 it was sold last December, 25 litres of vegetable oil now 42,000 from N32,000, and a chicken (layer) now N6,000 from N3,000 previous year.
