High Cost Of Living Takes Toll On Nigerians

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Nigerians are passing through difficult times as the cost of living continues to rise, Daily Trust reports.

Their purchasing power is also dwindling amidst rising inflation, which hit 19.6 per cent as of July 2022.

The value of the naira is also depreciating by the day; even though regulatory agencies say they are doing everything possible to stabilise the economy.

Both salary earners and self-employed citizens are complaining that their earnings rarely meet up with family demands; including feeding, health, education and housing.

But experts say the economic crunch is not in Nigeria alone, saying it is globally occasion by the Russia-Ukraine war.

Energy and transport hit rooftop Surveys by our reporters in Kano, Abuja and Lagos, among other cities, shows that the high cost of living is mostly due to the skyrocketing prices of food items, energy, transport and other household consumables.  

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