Nigeria's inflation rate has stayed in the high double digits since 2016, but the effects vary across the 36 states and FCT. Why is looking at the national and state inflation rate critical now?
The varied impact of inflation in different states is driven by several factors, from food to fuel. How do the dynamics of each state contribute to rising commodity prices across the country?
Sometimes, things happen that make me question how sustainable living in Nigeria is in the long run. Not to come off as dramatic, but finding out last weekend that Chicken Republic’s Refuel Meal now sells for ₦1,000 was one of those moments.
Just a year ago, I was putting my ₦33,000 NYSC allowance to good use; my affordable go-to lunch was the Refuel Meal which sold for ₦500 at the time (i.e. ₦15,000 monthly), and I was left with ₦18,000 to cover data, Netflix and Spotify subscriptions.
If I were still a youth corper today, I would go from spending 45% of my salary on lunch to 90% (₦30,000 out of ₦33,000) without changing anything. It’s just inflation taking bigger bites out of my income.
As you can imagine, more Nigerians can feel inflation's heat burning holes through their pockets. The inflation rate in Nigeria affects any and everything; your salary is worth less every day, your savings are losing value in the bank, the net return on your investments is declining as inflation rises, and even the federal government’s spending is not spared.
But it is important to note that inflation is different for every Nigerian. When the National Bureau of Statistics (NBS) reports inflation, it gives the headline number to paint a picture of what price levels look like in the entire