Poor Nigerians in distress as inflation suffocates
The poor masses in Nigeria are gradually battling and struggling for survival as a result of the skyrocketed inflation in the country. Majority of them have forcefully abandoned certain meals as a result of increase in prices in the market.
The standard living coupled with high energy costs, unbearable transport fares, a volatile foreign exchange market, and prohibitive borrowing rates also combine to push up prices, exacerbated by the country’s dependence on imports for most goods and services, including increasingly, food is causing emotional crisis in various families.
Since President Bola Tinubu announced the removal of the petrol subsidy, petrol prices have tripled to N617, while the value of the naira has plunged following the floating of the currency resulting to untold hardship on Nigerians.
The floating of the currency has increased the official rate from N463.38/$ to N740.60/$ as at Friday. The gap between the official and black market expanded to N200. As at the time of writing this, the dollar to Naira already stands at N1,000/$.
The country annual inflation rate rose for the seventh straight month, nearing an 18-year high of 24.08 percent in August 2023, according to the latest inflation report released.
Recently, the National Bureau of Statistics (NBS), in its Selected Food Prices Watch report for August 2023, stated that prices of beef, tomatoes, beans, garri, yam and other food items increased in August.
According to the report, while the average price of 1kg of boneless beef was N2,141.18 in August 2022, it increased by 30.75 percent to N2,799.51 in August 2023.
It stated, “On a month-on-month basis, 1kg of boneless beef increased by 1.50 percent in August from the N2,758.13 recorded in July 2023.3
The report added that the average price of 1kg of local rice increased by 62.68 percent on a year-on-year basis, from N454.10 in August 2022 to N738.74 in August 2023, and on a month-on-month basis, 1kg of local rice increased by 13.04 percent from the N653.49 recorded in July 2023.
The NBS further reported that the average price of 1kg of brown beans increased by 27 percent on a year-on-year basis from N545.61 in August 2022 to N692.95 in August 2023.
It explained, “On a month-on-month basis, the price increased by 3.88 per cent from the N673.53 recorded in July 2023 to N692.95 in August.”
The report stated that the average price of 1kg of onion bulb rose by 30.54 percent on a year-on-year basis from N393.22 in August 2022 to N513.29 in August 2023, stressing, “On a month-on-month basis, the price increased by 2.10 percent from the N502.73 recorded in July to N513.29 in August 2023.3
According to the report, the average price of 1kg of yam tuber increased by 42.80 percent on a year-on-year basis from N403.65 in August 2022 to N576.39 in August 2023, while on a month-on-month basis, 1kg of yam tuber increased by 6.86 percent from N539.41 recorded in July to N576.39 recorded in August 2023.
The report pointed out that stated the average price of 1 litre of palm oil increased by 38.13 percent on a year-on-year-basis, from N896.63 in August 2022 to N1,238.56 in August 2023, while on a month-on-month basis, it rose by 2.48 percent from the N1,208.62 recorded in July to N1,238.56 recorded in August 2023.
Similarly, average price of garri increased by 49.16 percent on a year-on-year-basis, from N305.92 in August 2022 to N456.32 in August 2023, the NBS stated, while on a month-on-month basis, the price increased by 6.15 percent from the N429.89 recorded in July to N456.32 recorded in August 2023.
The NBS analysed state profiles and reported that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,790.02, while the lowest price was recorded in Kogi at N1,835.71
Also, Ondo State recorded the highest average price of 1kg of local rice at N903.26, while the lowest was recorded in Benue at N529.72.
Furthermore, the NBS stated that the highest average price of 1kg of brown beans was recorded in Imo at N1,087.14, while the lowest price was recorded in Kogi at N480.34, while the highest average price of 1kg of onion bulb was recorded in Lagos at N847.83, while the lowest was recorded in Kano state at N300.46.
According to the report, Akwa Ibom State recorded the highest average price of 1kg of yam tuber at N1,030.71, while Adamawa recorded the lowest price at N328.71.
The NBS said that Ogun State recorded the highest average price of 1 litre of palm oil at N1,525.49, while Kwara recorded the lowest price at N920.
It also reported that the highest average price of 1kg of garri was recorded in Cross River at N574.32, while the lowest price was recorded in Kwara at N336.64.
In the Zonal analysis, the report showed that the average price of 1kg of boneless beef was highest in the Southeast at N2,234.60, this is followed by the South-South at N2,312.05, while the lowest price was recorded in the North-Central at N1960.65.
Also, the South-East and South-South recorded the highest average price of 1kg of local rice at N887.13 and N809.15, respectively, while the lowest price was in the North-Central at N612.78.
Also, South-East recorded the highest average price of 1kg of brown beans at N945.63, followed by the South-West at N750, while the North-Central recorded the lowest price at N567.67.
The NBS stated that the South-East and South-South recorded the highest average price of 1kg of onion bulb at N712.01 and N699.47, respectively, while the lowest was recorded in the Northeast at N355.56.
Also, it stated that the South-West recorded the highest average price of 1kg of yam tuber at N766.48, followed by the South-South at N721.37, while the lowest price was recorded in the North-East at N361.21.
The NBS stated that the North-Central recorded the highest average price of 1 litre of palm oil at N1,335.56, followed by the North-East at N1,297.21, while the lowest was recorded in the Southwest at N920.
The report stated that the South-East recorded the highest average price of 1kg garri at N543.35, followed by the South-South at N506.60, and added, “The North-Central recorded the lowest price of garri at N389.77.”
Though, there is need to applaud President Tinubu for the N35,000 increment to workers as a result of the Organised Labour unions struggle with strike threat. The President has rolled out about N25,000 payment for some Nigerians is a good step but the federal government must do more as majority of Nigerians are not in the civil service nor captured among the household for the empowerment schemes.
