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Monday, April 15, 2024

Food Price Crises Worsens Misery As Inflation Rises To 74.8% In Nigeria

Nigerians are experiencing a decline in their economic well-being compared to the previous year, with the cost of living diminishing their purchasing power.

Real wages, indicating employee pay adjusted for inflation, have dropped, particularly impacting low-income households.

The World Bank’s latest Nigeria Development Update report highlights a 46 percent increase in the poverty rate from 2018 to 2023, reaching 104 million poor Nigerians, driven by sluggish economic growth and escalating inflation.

January’s headline inflation at 29.9 percent has far outpaced wage growth, with projections indicating a further double-digit increase in the coming months, primarily fueled by rising food prices.

The article details specific price hikes, such as a 33 percent increase in the cost of a medium-sized sliced bread from N750 to N1,000.

Additionally, egg prices rose by 100 percent, reaching N200 in January compared to N100 in the same period the previous year.

Basic food items like rice, beans, and vegetable oil have also experienced significant price surges, contributing to the overall economic challenges faced by Nigerians.

For instance, a 50 kg bag of foreign parboiled rice now sells for N70,000 to N77,000, more than double the prices recorded in the same period last year.

These escalating costs are affecting daily essentials, with a 25-liter container of vegetable oil now priced at N45,000, up from N22,000 in the previous year.

Even staple items like garri have seen a notable increase, with the price of a painter rising from N1,000 to N2,000 within the same period.

The article underscores the broader economic hardships faced by Nigerians, driven by inflationary pressures and the resultant decline in real wages.

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