The rising cost of food
A recent visit to a typical Nigerian market revealed that the prices of most food items have increased astronomically! Consequently, life has become increasingly difficult for many Nigerians, especially the low-income earners, the unemployed and other vulnerable people.
For example, a market survey showed that a ‘Derica’ (cup) of beans, which previously sold for between N250 and N300, now goes for between N500 and N600 or more. A ‘paint’(bucket) of garri, which sold for around N350, now sells for N1,500. A yam tuber which initially sold for N500 or N600 is now goes for between N1,000 and N1,200. Even small milk sachets, which were sold for N40 or N50, are now being sold for N60 or N70. And the list goes on!
This relentless upward movement of prices is discouraging to many families with limited budget. It also adds to the stresses and frustrations of many people, making life unbearable for them. It is distressing to see that foodstuffs, among other things, cost more by the day, and that taxes and utility bills of all kinds keep increasing. Something drastic needs to be done as hunger is biting hard in the land!
The word most commonly used to describe what has been happening is INFLATION. Inflation is a term used by economists to describe the general and progressive increase in prices, and a fall in the purchasing value of money.
According to recent data released by the National Bureau of Statistics, NBS, Nigeria’s inflation rate stood at 18.12% in April 2021, although it dropped a little to 17.93% in May 2021. The report also showed that the food inflation rate rose to 22.95 per cent in March 2021 compared to 21.79 per cent in February 2021. The composite food index also rose to 22.72 per cent in April 2021 from 15.03 per cent in April 2020.
