There is no opposition in the country despite surging inflation rate and critical economic condition- Deji Adeyanju -
Mr Deji Adeyanju

There is no opposition in the country despite surging inflation rate and critical economic condition- Deji Adeyanju

Nigeria’s surging inflation rate in the month of July 2022 rose to a 17-year high of 19.64%. This compares to 18.6% recorded in the previous month of June 2022.

The latest inflation data is according to the recently released Consumer Price Index (CPI) report for the month of July 2022, by the National Bureau of Statistics (NBS).

The last time Nigeria’s inflation was above 19.64% was in September 2005 when it rose to 24.32%. This is according to Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic data. Notably, the uptick in the inflation rate was driven by increases in the food and core index.

Further breakdown of the report shows that the urban inflation rate rose by 2.08% to 20.09% in July 2022 from 18.01% recorded in July 2021, while the rural inflation rate hit 19.22% from 16.75% recorded in the corresponding period of 2021.

Reacting to this development via his verified Facebook account, the convener of Concerned Nigerians, Mr Deji Adeyanju, has lamented that despite the current critical economic situation of the country, there is no opposition to challenge the ruling APC party at the polls come 2023.

“Breaking: Nigeria’s inflation rate hits 19.64% – highest in 17years. But there’s no opposition in the country” he posted.

Mr Adeyanju has been vocal on issues concerning the state of the country and the upcoming general elections. He has often stated that the coming election should be a defining period for Nigerians to put the country back on the path of prosperity by electing a leader with the interest of the people at heart, especially a leader that will reset the harsh economic policies of the current APC regime.

It has to be recalled that ever since President Buhari took power in 2015 from former President Goodluck Jonathan, the economy of Nigeria has nose-dived. With an unenviable reputation as the world’s new poverty capital, about 40% (82 million people) of Nigeria’s population are living on less than 1$US per day, according to figures from National Bureau of Statistics.

Amidst repeated claims by the government of undertaking measured to alleviate poverty, the recent increase in fuel pump prices and electricity tariffs has triggered questions about Buhari’s commitments and priorities.

Considering the economic downtown experienced by many Nigerians in a period marked by a remarkable loss of jobs and income, owing to the severity of the global COVID-19 pandemic, the decision to eliminate the expensive but popular petrol subsidy programme, and likewise the programme for electricity tariffs, is considered insensitive to the realities on ground and generally an act in bad-timing.

This further raises questions on the patterns of decisions, actions and mechanisms for feedback that have been undertaken by this government and the conflict they pose for the administration’s mandate for tackling poverty and achieving economic growth. A plethora of misunderstood, miscommunicated or outright problematic government decisions easily come to mind.

Food inflation

  • The closely watched indicator to its highest level in 14 months, standing at 22.02% in July 2022, representing a 1.42%-point increase compared to 20.6% recorded in the previous month. On a month-on-month basis, the food inflation rate in July stood at 2.04%, this is 0.01% lower than 2.05% recorded in the previous month.
  • According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.
  • Meanwhile, the average annual rate of food inflation for the twelve-month period ending July 2022 over the previous twelve-month average was 18.75%, which represents a 1.42% points decline from the average annual rate of change recorded in July 2021 (20.16%).

Nigeria's surging inflation

Core inflation

  • The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 16.26% in July 2022, compared to 15.75% recorded in the previous month. This also represents the highest core inflation rate since January 2017, when the rate stood at 17.8%.
  • On a month-on-month basis, the core inflation rate was 1.75% in July 2022. This was up by 0.20% when compared to 1.56% recorded in June 2022.
  • Notably, the highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.

 

Leave a Comment

Your email address will not be published. Required fields are marked *