Emmanuel OchayiNigeria’s headline inflation rate reached 34.80% in December 2024, marking a slight increase from 34.60% in November 2024. According to the National Bureau of Statistics (NBS), this marginal rise of 0.20% was primarily attributed to the increased demand for goods and services during the festive season.
For many Nigerians, this increase has been a tough pill to swallow. “I don’t know what’s going on anymore,” said Adewale ‘Damilare’, a Twitter user. “I thought inflation was supposed to decrease by now. This is just wild.” The frustration is palpable as Nigerians continue to grapple with rising prices.
Join our WhatsApp ChannelImpact of Inflation on Cost of Living
When compared to December 2023, the inflation rate in December 2024 was 5.87% higher. This year-on-year rise highlights the growing burden on households, which are now facing much higher living costs. “I feel the pain every day,” said Bakatsine, another Twitter user. “Food prices have gone up so much, it’s nearly impossible to feed my family. Inflation is hitting harder than ever before.”
The increase in inflation has led to a general rise in prices across various sectors. Basic commodities, especially food items, have been impacted the most. “It’s almost impossible to afford eggs in this country anymore,” lamented Daniel Samuel, a frustrated citizen. The economic strain has left many Nigerians questioning the measures in place to control inflation and its impact on their lives.
Understanding the Inflation Rate and Consumer Price Index (CPI)
The Consumer Price Index (CPI) is a statistical measure that tracks the average change in the prices of goods and services consumed by households. It is essential for understanding inflation, which has a direct effect on the cost of living for everyday Nigerians.
The CPI is calculated by comparing the current prices of a set of goods and services with prices from a base year, allowing economists to determine how much prices have increased.
In Nigeria, the CPI is constructed using data from over 10,000 informants spread across the country. These informants help gather price data for the 740 regularly priced goods and services included in the market basket. By examining these prices, analysts can calculate the inflation rate and offer insights into the economic challenges facing the country.
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Nigerians Share Their Thoughts on Inflation’s Effects
The higher inflation rate is not only a concern for economists but also for ordinary citizens, as it impacts their daily lives. “Nigerians are bleeding instead of breathing,” commented Freedom, reflecting a common sentiment shared by many citizens. The strain of living with rising prices, particularly for food, is taking its toll on people’s well-being.
“Even if you have a job, your salary is being eaten up by inflation,” said Free Dadiyata, a Twitter user. “How can we survive if everything keeps getting more expensive? This is catastrophic.” The challenges faced by Nigerians are exacerbated by a lack of significant economic reforms to address the rising cost of living.
What Policymakers Can Do to Address Inflation
To manage inflation effectively, policymakers must implement measures that address both the demand and supply sides of the economy. Efforts to stabilize the currency, improve local production, and reduce reliance on imports could help to curb the rise in prices. However, many Nigerians believe these solutions are long overdue. “We need urgent action. Our economy can’t keep going like this,” said Bakatsine.
Citizens are calling for more support from the government to help them cope with inflation. “The government needs to wake up,” said Daniel Samuel. “We need affordable living conditions. The economy is killing us.” The cries for help reflect the deep frustration felt across the nation.
Inflation: A Daily Struggle for Nigerians
Inflation continues to be a major challenge for many Nigerians, with no immediate solutions in sight. The constant rise in prices is making it difficult for families to meet their daily needs. As the headline inflation rate increases, Nigerians are left wondering how they will survive in an economy where basic necessities are becoming more and more expensive.
“The government needs to take responsibility for this,” said Freedom. “We are suffering, and it seems like no one is doing anything about it.”
A Call for Action
As inflation continues to surge, the pressure on Nigerians is intensifying. With a significant rise in the cost of living, many are struggling to make ends meet.
The increase in the inflation rate is a reminder of the urgent need for economic reform. Only with concrete actions can Nigerians hope to see relief from the financial strain they are currently facing.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
