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NBS report says inflation dropped by 16.63% in September

Even a blind man who begs for alms in the market is very much aware that the price of foodstuffs and other materials in the market are on a steady rise.

Image credit: premium Times

The inflation rate in the country today is unprecedented and has left many people in a precarious situation with many bread winners crying and seeking for news ways to get ease and succour.

It is rather surprising to think that a commodity that once cost five Naira is now 20 Naira for the same size and quality of the commodity.

Image credit: Premium Times

Soya beans and Maize, both of which are considered as a step over in the foodstuffs market are now a luxury for the poor.

Yet, the national bureau of statistics (NBS) in it's monthly report states that the inflation rate dropped by a significant margin (16.63%) in September.

A figure that most Nigerians can't come to terms with.

It becomes even harder to consume such figure when one remembers the ugly trend in the market where the price of a particular commodity vary within a 24hours period.

For many Nigerians, especially the market women, the exchange rate between the Naira and dollars is the major reason for the constant surge in the price of commodities.

While this might be true, it is important to note that the rate at which food price fluctuates in the market is not comparable to that of any other commodity.

Which means that the insecurity in the country is the major reason why the price of food stuff is on a steady rise.

Image credit: premium Times

Unless farmers and food dealers are able to get crops from the farm with ease, Nigerians will continue to experience inflation in the foodstuff market.

While I am not disputing the figures by the national bureau of statistics, it is important for Nigerians to witness this significant drop in inflation figures in their livess because a three square meal is now a luxury in some homes.

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Maize NBS Nigerians


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