Nigerians groan as inflation rises to 26.72 percent with prices of food stuffs and other basic amenities soaring beyond the reach of the ordinary man.
Vast majority of Nigerians are finding it extremely difficult to meet their basic needs; as many call on the Tinubu government to live up to their electoral promise of ‘better’ life for the people.
Bola Ahmed Tinubu became president of Nigeria after he ‘won’ the 2023 presidential election in May, under the auspices of the All Progressive Congress, APC.
He ascended to power promising renewed hope for the people.
On Monday, in its Consumer Price Index, CPI, report for September, the NBS said the headline inflation rate rose year-on-year by 26.72 per cent in September 2023, representing a 920 basis point increase, compared to the 25.8 per cent recorded in August.
The Bureau also said that the food index also increased YoY to 30.64 per cent from 29.34 per cent in August.
NBS said: “In September 2023, the headline inflation rate increased to 26.72 percent relative to the August 2023 headline inflation rate, which was 25.8 percent.
“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.
“On a YoY basis, the headline inflation rate was 5.94 percent points higher compared to the rate recorded in September 2022, which was 20.77 percent.
“This shows that the headline inflation rate (YoY basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).”
However, inflation rate slowed month-on-month (MoM) by 1.08 percentage points to 2.1 percent in September from 3.18 per cent in August. NBS added: “This means that in September 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in August 2023.
On food inflation, NBS said: “The Food inflation rate in September 2023 was 30.64 percent on a YoY basis, which was 7.3 percentage points higher compared to the rate recorded in September 2022 (23.34 percent).
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.”
As inflationary rates continue to push the prices of foodstuffs and other basic amenities beyond the reach of the many, Nigerians are calling on president Tinubu to walk the talk. They want him to begin by making policies aimed at revamping the economy, and that will benefit the majority of Nigerians.
