Nigerians are facing a worsening economic situation as inflation reached a 28-year high of 33.95 percent in May, according to the National Bureau of Statistics (NBS). This marks a worrying increase from April’s already high rate of 33.69 percent.
The data reveals a relentless rise in living costs, with food prices leading the surge. Food inflation hit a staggering 40.66 percent in May, compared to 40.53 percent the month before. This translates to significantly higher prices for everyday essentials such as rice, garri (cassava flour), and yam, putting a strain on household budgets.
Concerns are mounting over the impact of President Bola Tinubu’s economic reforms. These reforms, which involve cutting fuel and electricity subsidies and devaluing the naira, are seen as contributing factors to the inflationary pressures.
While the month-on-month inflation rate showed a slight decrease compared to April, the year-on-year comparison is alarming. Inflation in May 2024 was a full 11.54 percentage points higher than the same period in 2023, significantly eroding Nigerians’ purchasing power.
This economic hardship has fueled public discontent with the government’s handling of the situation. It remains to be seen what steps the government will take to tackle the rising inflation and ease the burden on Nigerian citizens.
