As the yuletide season approaches, Nigerians are grappling with a staggering 34.6% inflation rate, despite promises from the Tinubu-led government to reduce it.
This upward trend has forced many citizens into hardship, with the inflation rate increasing from 33.88% in October 2024.
The current inflation rate is also higher than the rates recorded in previous months, including 32.70% in September, 32.15% in August, and 33.40% in July.
This development is a far cry from the government’s promises to tackle food inflation and reduce the cost of living for citizens.
In July 2024, the Tinubu administration vowed to address rising inflation, with Vice President Kashim Shettima emphasizing the government’s commitment to tackling the issue.
However, despite these promises and recent efforts by the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 27.5%, the inflation rate continues to soar.
The impact of this inflation rate is being felt across the country, particularly during the festive season.
As Nigerians celebrate Christmas and other end-of-year festivities, they are faced with increased prices of goods and services, making it difficult for many to make ends meet.
Experts have attributed the rising inflation to various factors, including exchange rate pass-through, rising cost of energy, high fiscal deficit, and lingering security challenges in high food-producing areas.
To combat inflation, economists recommend reducing the amount of money in circulation or increasing production output.
