This is not the best of times for Nigerian families, who have had to adopt bizarre cost-cutting measures to cope with the recent hardship occasioned by the dramatic hike in the prices of goods and services.

Several of them lamented that their income could no longer take care of their daily needs, adding that the prices of staples had almost tripled in the market. Rice, which is arguably one of the commonest consumed staples in the country, has risen to N77,000 per bag.

In December, the National Bureau of Statistics stated that the country’s inflation rate hit a 27-year high as headline inflation rose to 28.9 per cent.

The December headline inflation rate showed an increase of 0.72 percent when compared to the previous month’s rate.

In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidy on petrol and the free fall of the naira in the foreign exchange market.

The surprising thing is that a small carton of noodles is now N7,000 to N7,800. We used to buy it for between N1,900 and N2,000 in the past. It is so shocking that the price of a bag of rice continues to change almost every minute.

“A bag of rice five months ago was around N49,000, but it increased to N68,000. As of yesterday (Thursday), my supplier said it had risen to N70,000. The cheapest thing we used to buy before, garri, is now N2,500 for a paint bucket. It was N800 before.”

For pulblication of your news content,
Advertise with us, Contact us at +234803-098-0314.
Please Kindly Follow us for breaking News, Read, Like, and Share our content.
©CDA News Media Limited.