Indicative of rising prices of goods across Nigeria, inflation rate has been skyrocketing and rattling consumers. Last month, the inflation rate jumped to a six-year high at 13.7 per cent, up by 0.9 per cent point higher than the 12.8 per cent recorded in March. The report released by the National Bureau of Statistics (NBS) indicated that the April's rate was the highest recorded in Nigeria since August 2010.

Inflation rate is an indicator used for measuring a general increase in prices and fall in the purchasing value of money. This is not the first time Nigeria's economy is witnessing high inflationary shocks. Analysis of reports of inflation rates released by the National Bureau of Statistics (NBS) from 1970 to date revealed that Nigeria recorded an average inflation rate of 72.8 per cent in 1995. The least inflation rate seen in the period analyzed was 3.2 per cent in 1972.

The NBS had in January this year forecasted that the nation's inflation rate would skyrocket, crossing double digit in 2016. An economist, Dr. Shehu Usman, said the rising inflation rate was not "unexpected" considering high prices of market commodities. "If you have been following the trend, this leap should not come as a surprise to you," he said.

Many reasons have been identified for the inflation: high pump prices of petroleum products paid by Nigerians, recent hike in electricity tariffs, and scarcity of exchange rates that has pushed up the prices of imported goods. Usman had expressed pessimism that the recent hike in the price of petrol from N86.50k to N145 would have ripple effects on commodities, transportation, and general utilities.

Even before the hike in prices, most Nigerians bought petrol above the official price as reported by the NBS. For instance, the Petrol Price Watch report released recently by the NBS showed that Nigerians bought petrol at an average price of N162.82 in April, above the then official price of N86.50k.

Unexpectedly, the NBS reported that food supplies are getting "tighter," forcing consumers to chase fewer food items with much money. This is even reflected in the scarcity of tomatoes and high price of rice, two commodities popularly used in most homes in the country for meals. "This is the time for consumers to tighten their belts and brace up for hard time," Usman said.

Read more http://www.sofreedomains.com/2016/05/nigeria-consumers-groan-as-inflation.html

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