In a stark manifestation of the economic challenges facing Nigeria, the nation’s annual inflation rate has surged to an 18-year high of 24.08 percent in July.
This unsettling development, driven primarily by soaring prices of essential food items and escalating transport costs, paints a grim picture of the increasing strain on households as they grapple with the daunting task of meeting their daily sustenance needs.
The situation has been further exacerbated by the removal of fuel subsidies and the relentless depreciation of the national currency.
The alarming climb in the inflation rate, a substantial 1.29 percentage point jump from June’s 22.79 percent, stems largely from the relentless surge in the prices of staple food items. Basic necessities such as oil, fat, bread, cereals, fish, potatoes, yams, fruits, meat, vegetables, milk, cheese, and eggs have all become more expensive, leaving families to confront a harsh reality.
The adverse fallout of the fuel subsidy removal is undeniably evident in the escalating costs of transportation and related services, as underscored by the core inflation rate.
Following the latest rate, Nigerians in their numbers took to social media to express their dismay, highlighting the current hard realities they are forced to grapple with.
Others on the other hand, stated that the 24.08% inflation rate is conservative, saying the reality is far higher than the figure being quoted by the National Bureau of Statistics (NBS).
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Here are some reactions gathered by The Quest Times
@BwalaDaniel Nigeria’s inflation rate rose to 24.08 percent in July 2023, up from 22.79 percent in the previous month. The latest figure is the seventh consecutive rise in the country’s inflation rate this year. Renewed hope renewably
@jayeboy2002 With Nigeria‘s structure, now the poor will remain poorer. The inflation rate rose again. I am not even talking about data cos I believe the inflation rate is higher than what it is being quoted cos we don’t have an accurate figure.
@karibiogbolo The way the inflation rate keeps rising; I strongly doubt if we have a middle class in Nigeria. Because the rich get richer and the poor get poorer.
@ademoye_mercy Nigeria’s Inflation Rate Jumps to 24.08% in July 2023. Naira to dollar is 1k Oluwa how we go survive during this hardship bayii There is hunger in the Land
@kaysandzie With the recent revelation from the Nigerian National Bureau of Statistics that the inflation rate in Nigeria is now 24%, I began to wonder how we can control this continuous rise in inflation. What can the does the common man and business need to do?
@chomiepedia Wow, Nigeria has inflation rate of 22.79%. This is awful, how long will people continue to suffer! This high rate is ridiculous.