It appears that; as far as there is hunger in the belly of a Nigerian, the nation’s inflation rate will continue to rise.
In the past few months, the inflation rate has done just one thing – Go Up.
Beating understanding, it continues to prove difficult to tame for President Bola Tinubu’s administration.
Amidst the strict policies being adopted by the President, with a view to improving the economy and making better the lot of most Nigerians, there is no light in sight.
Nigeria’s struggling economy is waging a vicious war against the menace called inflation, a war which it must win.
Unfortunately, at the moment, things aren’t going the way Nigerians would have loved it to go.
A Jump To 24.08%
Again, there too many mouths to feed and the situation causing food shortage.
Sadly, this has contributed in no small measure to this rising inflation.
Have You Read: Inflation Rate In Nigeria Pushes To 22.41% In May
In its latest report, the National Bureau of Statistics (NBS), said Nigeria’s headline inflation jumped to 24.08% in July 2023.
This is at a time when the price of cooking gas has just been hiked.
Also, the price of petrol is also warming up to follow after.
Nigerians are really suffering because there is no palliative coming from anywhere to ease their pain in the face of this hardship that they are facing.
Things rose to new heights after Tinubu took over as president.
The National Bureau of Statistics Report
Headline inflation in Nigeria rose to 24.08% in July, from 22.79% in June, jumping by 1.29% points.
According to NBS, “in July 2023, the headline inflation rate rose to 24.08% relative to the headline inflation rate of June 2023, which was 22.79%.
“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29% points when compared to June 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%.
This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022)”.
Implications Of This Report
From predictions, the days ahead are dark.
More Nigerians would be subjected to more hardship and more companies would stop production and close shop.
A lot of people would lose their jobs and would be unable to resolve their bills.
Unfortunately, many breadwinners would be thrown into the unemployment market.
You May Also Like: Inflation: Kwara Gov Approves ₦10,000 Palliative For Workers
The unemployment market would surge, becoming more aggressive and easily aggravated.
Also, President Bola Tinubu would receive lots of tongue lashing from Nigerians for policies that are not favourable to Nigerians.