The harsh reality of this present time is that Nigerians may no longer be at ease with inflation and food prices soaring higher by the day.
Nigeria’s already high inflation rose again at the end of November by 0.87% to stand at 28.20%.
This can only mean that the strategy of the government is not achieving much and the masses may not have a very merry Christmas as usual.
You see, it is sad that as hard as Nigerians work to give themselves a meaningful life, they have continued to be plunged further down into a state of poverty.
All we hear about daily in the media is how the economy continues to sink further into the abyss of inflation.
Nigerians are becoming impoverished financially, mentally, physically, and with resources due to a lack of creative policy from the government to awaken the economy.
According to the National Bureau of Statistics (NBS) Nigeria’s annual inflation rate rose to 28.20% in November from 27.33% in the previous month.
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The November 2023 headline inflation rate depicts an increase of 0.87% points when compared to the October 2023 headline inflation rate.
When compared on a year-on-year basis, the headline inflation rate was 6.73% points higher than the 21.47% recorded in November 2022.
The headline inflation for November 2023 was 0.35% higher than the rate recorded in October 2023 (1.73%).
This means that the average price level of things was more than the rate of increase in the average price level in October 2023.
The NBS Report Shows That Food Prices Rose To 32.84%
The NBS report showed that food inflation rate in November 2023 rose by 8.72% to 32.84% in comparison with the rate recorded in November 2022 (24.13%).
In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.
In July, President Tinubu declared an immediate State of Emergency on food insecurity to tackle the increase in food prices.
He also directed that “all matters on food & water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council.”
Contributors To Inflation
The NBS said the items that contributed to the increase in inflation are food & non-alcoholic beverages (14.61%), housing water, electricity, gas & other fuel (4.72%), clothing & footwear (2.16%), and transport (1.84%),.
Others are furnishings, household equipment & maintenance (1.42%), education (1.11%), health (0.85%), and miscellaneous goods & services (0.47%).
Restaurant & hotels (0.34%), alcoholic beverage, tobacco & kola (0.31%), recreation & culture (0.19%), and communication (0.19%).
The report said the percentage change in the average CPI for the twelve months ending November 2023 over the average of the CPI for the previous twelve-month period was 24.01%, showing a 5.64% increase compared to 18.37% recorded in November 2022.
Food Inflation
The food inflation rate in November 2023 was 32.84% on a year-on-year basis, which was 8.72% points higher compared to the rate recorded in November 2022 (24.13%).
The NBS said the rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and coffee, tea, and cocoa.
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“On a month-on-month basis, the food inflation rate in November 2023 was 2.42% this was 0.51% higher compared to the rate recorded in October 2023 (1.91%),” it said.
“The average annual rate of food inflation for the 12 months ending November 2023 over the previous 12-month average was 27.09%, which was a 6.68% points increase from the average annual rate of change recorded in November 2022 (20.41%),” the report highlighted.
