,,,,, Lokoja residents reiterate establishment of price control board.
The National Bureau of Statistics (NBS) has identified Kogi, Oyo, and Bauchi as the Nigerian states experiencing the highest levels of headline inflation, according to its latest consumer price index and inflation report for June, released.
Bauchi led the three states with a headline inflation rate of 43.95 percent year-on-year, followed closely by Kogi at 39.91 percent, and Oyo at 39.15 percent. In contrast, Borno, Benue, and Katsina recorded the lowest increases in headline inflation, with rates of 25.90 percent, 27.52 percent, and 29.21 percent, respectively.
For the month-on-month comparison, June 2024 saw the most significant inflation spikes in Yobe (3.79 percent), Abuja (3.45 percent), and Ondo (3.38 percent). Conversely, Nasarawa (0.71 percent), Osun (1.19 percent), and Kano (1.27 percent) experienced the slowest month-on-month inflation rises.
Earlier reports from SaharaReporters indicated that Nigeria’s annual inflation rate surged to 34.19 percent, marking a fifth consecutive monthly increase amidst widespread economic hardship. This figure represents a 0.24 percent uptick from May’s 33.95 percent, exacerbating the challenges faced by millions grappling with rising living costs.
Comparatively, the lowest inflation figure in 2024 was 29.90 percent, recorded in January, highlighting the persistent upward trend in inflation rates over the past year. In June 2023, the headline inflation rate stood at 22.79 percent, marking an increase of 11.40 percentage points over the preceding year.
Meanwhile, in Lokoja, the capital of Kogi State, members of the public responded to the NBS report in an interview with The Reporters correspondent on Saturday, expressing concerns and urging the state government to take action. They emphasized the urgent need for a price control board to curb the exploitation by sellers who take advantage of the harsh economic conditions to unjustly raise prices of essential food items.
Some pointed out that the removal of fuel subsidies has escalated transportation costs, directly impacting the prices of foodstuffs.
They criticized what they described as exploitative behavior among market traders in Lokoja, asserting that such practices have exacerbated the financial burdens faced by ordinary citizens. As a result, they lamented that the prices of nearly all essential goods have skyrocketed beyond the means of the average consumer.
Edited by Dada Ahmed.
