This is so sad! This country and the hyper-inflation rate is unbearable!

THIS DOESN'T MAKE SENSE AT ALL

Jan 2006 CPI = 67.4
Dec 2024 CPI* = 867.8

CPI means Consumer Price Index

Inflation rate between 2006 & 2024 is 1,187%

What is the purchasing power of ₦8,000 in 2006 today in 2024 [*before Rebasing inflation] = ₦102,939

This means ₦100,000 in your pocket today cannot buy what ₦8,000 bought in 2006.

Let me break it down

So also is 100k in 2006 cannot buy what 8k can buy in 1987.


In1990, a 50k bag of rice cost N350.

In 2006, a 50kg bag of rice in Nigeria cost ₦6,000.


In 2025,a 50k bag of rice cost N70,000.
Let us do the maths.

6000 divided by 350 gives ~ 17.

70,000 divided by 6000 gives ~ 11.6= 12(approx)

One of the biggest problem facing this country, is hyper-inflation and the geometric progression of the rising cost of goods.