Inflation eating deep into Nigeria

BUSINESSES INSIDE
I am deeply concerned to learn that Nigeria's inflation rate has reached a new 18-year high of 26.72%. This is a significant increase from the previous month, and it is likely to have a severe negative impact on the Nigerian economy and the lives of many Nigerians.

The removal of petrol subsidies and the devaluation of the official exchange rate are both factors that can contribute to inflation. When petrol subsidies are removed, the price of fuel goes up, which can lead to higher prices for other goods and services. Similarly, when the exchange rate is devalued, the value of the naira falls relative to other currencies, which makes imports more expensive.

The high inflation rate in Nigeria is likely to make it more difficult for people to afford basic necessities, such as food, shelter, and healthcare. It can also lead to job losses and a decline in economic growth.

Households and individuals have to deal with the increasing prices of food, wear, fuel, and transportation among others. The middle- class is fast eroding and people are forced to make difficult decisions in order to sustain their families.

This rise is caused by a few factors such as the increase in the global price of energy worsened by the Russia-Ukraine crisis which started early this year. It has led to supply problems and labour shortages which extend the extra cost incurred by businesses to consumers.

I urge the Nigerian government to take immediate steps to address the high inflation rate and to protect its citizens from the economic hardship it is causing.

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