Its no news that everything has almost doubled in price in 2020 and of course the general cause to this would be the Covid-19 pandemic and how it disrupted the economic system, but in Nigeria, it is seems like there’s more to it than just the pandemic.
The extent to how much things are inflated in Nigeria is quite alarming. Transportation, food stuffs and even Petrol are now at outrageous rates.
The Central Bank of Nigeria issued a statement to inform the general public that the inflation is out of their control and has been pin pointed to food inflation as being the cause for the rest of the increase in price.
It was also hinted that the only way out would be the aggressive increase in the production of farm produce but even with that, the effect of the pandemic might not permit a drastic and obvious change as expected.
What do you think about this? How bad are prices of food items and other commodities inflated in your area?