The recent announcement by the Central Bank of Nigeria (CBN) that the country’s inflation rate has dropped to 24.48 percent after the rebasing of the Consumer Price Index (CPI) has been met with skepticism by many Nigerians.

Despite this statistical adjustment, consumers across the country argue that the cost of goods and services remains exorbitantly high, making daily survival a daunting task.

CBN Governor Olayemi Cardoso, stated that the rebased CPI is now a more accurate reflection of consumption patterns, replacing outdated metrics such as black and white television sets that no longer hold relevance.

According to him, the new data-driven approach ensures that monetary policies are formulated based on real-time economic realities.

However, for many Nigerians, the drop in inflation on paper has not translated into tangible relief in their daily expenses. Consumers insist that staple foods, transportation, rent, and healthcare costs have continued to skyrocket, leaving them wondering where exactly the drop in inflation is being felt.

A visit to markets across Lagos, in particular, shows that the prices of essential commodities remain as high as ever. Traders lament that the cost of purchasing goods from wholesalers has not decreased, and in some cases, prices have risen due to factors such as foreign exchange rates and fuel prices.

At Mile 12 Market in Lagos, a trader, Alhaja Fatima Adewale, expressed her frustration.

https://independent.ng/despite-inflation-drop-nigerian-consumers-lament-high-prices-of-goods-services/