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While the prices of goods and services continue to increase, fixed income earners feel the pinch. Workers’ salaries have stayed the same since 2019 when the minimum wage was increased from N19,000 to N30,000 monthly.
Inflation has risen globally, which has increased the cost of goods and services. The global inflation rate increased from 4.7 percent in 2021 to 8.75 percent in 2022 and is projected to further rise in 2023 due to Russia’s war in Ukraine and US-China trade war.
The current inflation rate in Nigeria is 21.07 per cent, up 0.9 percent from the rate that was registered in the previous month. Nigeria’s inflation has continued to trend upwards in nearly one year despite the CBN's interest rate hikes.
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“Being a businessman who sells unisex shoes, the scarcity of cash is a challenge for me. Where we buy from, they don’t accept electronic transfers. They demand for cash, and if you must do a transfer, you will add pay for charges.”
Nigeria’s headline inflation rate increased from 21.34 percent in December 2022 to 21.82 percent in January 2023, according to data released by the National Bureau of Statistics on Wednesday.
The National Bureau of Statistics reported that Nigeria’s inflation rate in December 2022 was 21.34%. The headline inflation rate dropped by 0.60%, marking Nigeria’s first decline in inflation in 11 months.
Nigeria’s inflation rate rose as headline inflation increased from 15.6 in January 2022 to 15.7% in February 2022. Having dropped from 15.63% in December 2021 to 15.6% in January 2022, the inflation rate picked up in February.
