The main opposition Peoples Democratic Party (PDP) and Labour Party (LP) have expressed their dissatisfaction with the Federal Government and the ruling All Progressives Congress (APC) as the cost of food items and other goods have led to a significant increase in inflation. In September, inflation reached an 18-year high of 26.72%.
The National Bureau of Statistics (NBS) has identified several factors contributing to the spike in inflation. These include increases in the prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and milk, cheese, and eggs.
Inflation is a term used to describe the increase in the prices of goods and services over time. When inflation is high, it means that the cost of living is also increasing. This can make it more difficult for people to afford the things they need.
High inflation can have a negative impact on the economy. It can reduce the purchasing power of consumers, meaning that they can buy less with the same amount of money. It can also make it more expensive for businesses to operate, which can lead to job losses and economic instability.
The government has not yet responded to the criticism from the opposition parties. It is important for the government to address the issue of rising inflation and take steps to stabilize prices and improve the economy.
