Chinedu Nwuzor waits for costumers while selling grains, legumes and flours in his stall at a market in the Obalende area of Lagos on December 18, 2023. According to him, the reason for the continued increase of inflation is because the country has not gotten to the point of deflection yet, adding that from his personal check and that of many others, inflation is more that the reported 31.7 per cent.
“I can tell you when we started taking survey of inflation in 2025, if you were to buy a pole of 20mm, 12 metres long by 20 inches, at that time it was N500,000, today the minimum you will see the same is N6 million. The truth is that for so many people, inflation figure is even much higher than this.
“I certainly believe people are sabotaging the economy but if they don’t take decision about it , like we have said about so many other leaders, we may also say that perhaps the president has not tried enough because in the next ten years when we remember the administration we will put his name on it,” he said.The latest data released by the NBS on Friday show a rise from the 29.90 per cent recorded in January 2024.
“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.