Workers have continued to groan under the adverse effect of inflation on their income.
Economists define inflation as the rise in the general price level over a period of time. In Nigeria, inflation has remained double-digit (over nine per cent) since 2015 when Nigeria’s President, Major General Muhammadu Buhari (retd), came to power.
The country has survived two recessions, with the former induced by a foreign exchange crisis and the latter, COVID-19.
In June 2022, Nigeria’s inflation rate recorded a seventh consecutive monthly rise to 18.6 percent; representing a 0.9% point rise from the 17.71 percent reported in May 2022, according to the National Bureau of Statistics.
With the spiralling inflation, the hardest hit is the worker whose wages have remained the same amid rising prices.