Whilst neglecting the harsh truth that millions of Nigerians’ backs are broken by the harsh tripartite economic realities – hyperinflation, especially food ; massive unemployment; and energy crisis occasioned by the Russian – Ukrainian war in a post-COVID-19 economy. The political class seems indifferent to the crumbling economy and collapsing living standards of Nigerians.
These days the average Nigerian may be an economic illiterate or may not be interested in economic indicators, but almost all Nigerians know by impact and experience that the economy’s health is in shambles. You do not need to be an economist to know that a loaf of bread you bought for N500 in June sold for N700 by the end of July or that cost of 10kg of cooking gas almost doubled in a space of four months from March to July 2022.
There is an increase in the cost of goods and services of most commodities in Nigeria whilst wages and income remain stagnant or depreciate. This is made worse by the worsening exchange rate regime. Nigeria is an import-dependent economy . This is made worse by the imported inflation due to the high price of goods and services abroad because of the worsening global economic crises.
Economists amongst us try to explain the situation using critical economic data, mainly from the National Bureau of Statistics . Recent statistics will make any Nigerian have a sober reflection on the fate of this country , though the full effect of this is yet to play out. Spiralling inflation stands at 18.6% in June 2022 on a year-on-year basis, and on a month-on-month basis, the inflation rate increased by 1.82% in June 2022, higher than the rate recorded in May 2022.
The composite food index on a year-on-year basis rose to 20.60% in June 2022. The food sub-index increased by 2.05% on a month-on- month basis in June 2022. Nigeria’s inflation has been running wild since the beginning of the year, rising from 15.6 per cent in January to the current rate of 18.6 per cent in June. In a similar pattern, the food inflation rate, which is a catalyst of the ballooning inflation, increased to 20.6 per cent in June against 17.
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