The recent economic downturn in Nigeria is affecting virtually everything. These days, consumer goods have increased in price. A recent report actually has it that consumer price has risen by up to 92%.
It is however unfortunate that salary and incomes do not increase at that same rate. This rate is the highest ever recorded in the country within the space of the same time period.
It will be observed that the prices of goods have increased in Nigeria a great deal. In fact, virtually all commodities are affected by the economic problem. One of the major factors responsible for this is the rise in the value of the dollar against the naira.
This had led to a rapid fall in the value of the naira, especially in the year 2016. Some are nursing the fear that the naira may fall further against the dollar to a record low of 500 naira to a US dollar.
The consumer price index measures inflation rate in Nigeria and it increase to 92% in November 2016 from a very low rate it was in January of the same year when it was only 9.62%. The CPI figures for the month of December 2016 are expected to be made available in 2017 January. Experts are of the opinion that it will remain within 18%.
The federal government of Nigeria reported that it has plans in place to make sure the economic growth rate in Nigeria increases by minimum of 7% and they said this plan will last between 2017 and 2020. They also hope this will help to reduce inflation rate.