Recent weeks have seen widespread protests erupting across the country, fueled by mounting concerns over the soaring cost of living. Citizens from regions including Niger, Kano, Kogi, and Ondo have taken to the streets, demanding urgent solutions to the ongoing economic crisis.
This outcry comes in the wake of Nigeria’s inflation skyrocketing to 29.90 percent for January 2024, as reported by newly released data from the National Bureau of Statistics.
According to the latest figures, Nigeria’s inflation rate surged from 28.92 percent in the previous month, underscoring the severity of the economic challenges facing the nation.
Key contributors to this inflation surge include significant increases in prices for essential goods and services. Food and non-alcoholic beverages saw a staggering 15.49 percent rise, while housing, water, electricity, gas, and other fuels climbed by 5.00 percent, as outlined in the Consumer Price Index and Inflation Report.
Other sectors experiencing notable price hikes include health (0.90 percent), education (1.18 percent), transport (1.95 percent), furnishings, household equipment, and maintenance (1.50 percent), as well as clothing and footwear (2.29 percent).
Economists attribute these inflationary pressures primarily to the depreciation of the naira and the relentless surge in fuel prices.
In light of these developments, there are mounting calls for action from the Central Bank Governor, Yemi Cardoso, to address inflationary pressures and mitigate their impact on citizens’ livelihoods. The 0.98 percent increase in January’s inflation rate underscores the urgent need for effective measures to curb inflation and stabilize the economy.
