Nigeria’s consumer price index (CPI), which is use to measure the level of inflation in the country has risen by 170.2% under President Muhammadu Buhari’s administration, between June 2015 and July 2022.
Recall that the president was sworn into office as the 15th President of the federation on Friday, 29 May 2015; following the presidential general election held, a position which he has occupied since then.
During the period, Nigeria’s consumer price index rose from 171.6 index points recorded in May 2015 to 463.6 points in July 2022; indicating an increase of 170.2%. In the same period, the food index rose by 209.5%, while core inflation spiked by 132.2% in the same vein.
The year-on-year inflation rate accelerated to a 17-year high in July 2022; following significant rise in the cost of energy, and staple food items. The National Bureau of Statistics (NBS) reported that Nigeria’s inflation rate rose to 19.64% in July 2022; from 18.6% recorded in the previous month.
Nigerians now have to grapple with the high cost of virtually everything; as the underlying issues persist across board.