A visit to the market in recent times reveals that the cost of food items has increased drastically! Life has become increasingly difficult for many Nigerians, especially the low-income earners, unemployed, and other vulnerable people.
For example, a ‘De Rica’ 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, is now sold at N1,500. A piece of yam tuber which initially sold for N500 or N600 is now sold for between N1,000 and N1,200. Even small sachets of milk, which were sold for N40 or N50, are now 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 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, and that taxes and utility bills of all kinds keep increasing. Something drastic needs to be done as hunger is biting hard!
According to recent data released by the National Bureau of Statistics (NBS), Nigeria’s inflation rate stood at 18.12% in April, although it dropped a little to 17.93% in May. The report also showed that the food inflation rate rose to 22.95 per cent in March compared to 21.79 per cent in February. The composite food index also rose to 22.72 per cent in April 2021 from 15.03 per cent in April 2020.
The details may differ, but the story is much the same in many other countries around the world. The cost of living is rising relentlessly. For many, bread and milk have become a luxury, and three meals a day a rarity. Rice is now usually eaten only on festive occasions because of its high cost. Those who suffer most are the unskilled labourers and poorer people, who are in no position to demand higher incomes needed to keep up with rising prices. For these people especially, inflation is a thief, a thief that robs the most needy.
Particularly hard hit are those on fixed incomes such as the pensioners or the unemployed.
A balloon can be filled with air up to a point, depending on its size and strength. But when too much air is pumped into it, the balloon will ‘burst.’ That is also true of inflation; it eventually leads to an economic ‘bust.’ Throughout history, every case of rampant inflation has ended in the destruction of that nation’s money. Time and again this has happened, without exception. It is time for the government to take action.
Daniel Ighakpe writes from FESTAC Town, Lagos.
The Nation
