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Home ยป Richer Nigerians lost more purchasing power than poorer households: World Bank Report
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Richer Nigerians lost more purchasing power than poorer households: World Bank Report

OsunDailyBy OsunDailyJune 28, 2023No Comments2 Mins Read
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RICH NIGERIANS, POOR NIGERIANS
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The World Bank says that due to high inflation, richer Nigerians have lost more purchasing power than poorer households.

The Washington-based financial institution disclosed this in its June edition of the โ€˜Nigeria Development Update (NDU)โ€™ report.

โ€œRicher households lost more purchasing power relative to their consumption than poorer households,โ€ the World Bank said. โ€œNigeriaโ€™s inflation is currently one of the highest rates in Sub-Saharan Africa. This sharp increase in prices has negatively impacted the purchasing power of households.โ€

The report noted that โ€œhigh inflation between December 2022 and April 2023 is estimated to have pushed 4 million more Nigerians into poverty.โ€ย 

Earlier in June, the National Bureau of Statistics (NBS)ย reportedย that Nigeriaโ€™s annual inflation rate rose to 22.41 per cent amid increased food prices.ย 

The bureau noted that within a year, the rate had accrued a difference of 4.70 per cent from May 2022, where the inflation was 17.71 per cent, until May 2023.

Items like food and non-alcoholic beverages (11.61 per cent), housing, water, electricity, gas and other fuel (3.75 per cent), clothing and footwear (1.71 per cent), transport (1.46 per cent), among others, contributed largely on the divisional level to the increase in the headline.

Also, the report on the food inflation rate showed that the food inflation rate quickened from 24.61 per cent in April to 24.82 per cent in May and, on a year-on-year basis, was 5.33 per cent points higher compared to the rate recorded in May 2022 (19.50 per cent).ย 


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Bank households Lost Nigerians poorer Power purchasing Report Richer World
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