Emmanuel Aku
The report also shows that a family of five that earns the monthly minimum wage of N30,000 would have to spend 36.3 percent of the pay to cook a pot of jollof.
Indeed, as at today, nothing saps the purchasing power of the average Nigerian like food inflation its the real driver of Sapa and its variegated endresults.
Earlier in the week, I was at the bakery section of a mall in Ikeja to buy bread and met a young man who displayed some theatrics upon being told the price of the bread.
Interestingly, the NBS said on a yearonyear basis, the headline inflation rate was 5.40 per cent points higher compared to the rate recorded in April 2022, which was 16.82 per cent.
First off, the persistent rise in headline inflation questions the plausibility of the hawkish move of the Central Bank of Nigeria in recent months.
The reality of the Nigerian economy today, however, is that one doesnt necessarily need to indulge in extravagant spending before being hit by SapaNigerias inflationary pressure is the real Sapainducing index.National Bureau of Statistics (NBS)
Earlier in the week, the National Bureau of Statistics announced that Nigerias annual inflation rate rose to 22.22 per cent in April from 22.04 per cent in the previous month, representing a 0.18 per cent rise.
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