Why Nigeria’s inflation rate is hardly the same as your reality

Oct. 3, 2024 - Nairametrics

However, the reality is that every person has a unique inflation rate. Critically, your unique inflation rate is linked to the key inputs driving your lifestyle, as well as your focus areas for consumption.

As an example, if 90% of your monthly income is spent on Food, then your inflation rate will be more skewed toward the 37.5% Food Inflation rather than the 32.

15% inflation rate for All itemsBut wait……this is the National Average for Food Inflation. For Context, if you reside in Sokoto your food inflation is the highest at ~47% whilst Bauchi has the overall highest inflation at ~46%So what is the point of knowing your inflation rate? Especially as business operating margins and household disposable incomes dwindle and face unrelenting pressuresSo what is your unique inflation rate?..