High cost of living not limited to Nigeria, says Tinubu

President Bola Tinubu has said that while concerns over the high cost of living, particularly the rising prices of food, remain the central concern for Nigerians, they are not unique to Nigerians but are shared globally.

The president made this statement during his nationwide broadcast on Tuesday to commemorate Nigeria’s 64th independence anniversary.

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According to a recent report published by the National Bureau of Statistics (NBS), the headline inflation rate fell to 32.15% in August 2024, down from 33.40% in July. Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate.

However, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%). This shows that the headline inflation rate (on a year-on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%). This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.

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While selected Food Price Watch for August 2024 shows that the average price of 1kg beans brown (sold loose) stood at N2,574.63. This indicates a rise of 271.55% in price on a year-on-year basis from N692.95 recorded in August 2023 and a 5.31% rise in price on a month-on-month basis from N2,444.81 in July 2024. Agric eggs medium size (12
piece) experienced significant price increases year on year by N121.92% from N1,031.55 in August of last year
(2023) to N2,289.19 in August 2024.

On a month-on-month basis, the average price of this item rose by 5.48% from N 2,170.17 in July 2024. There was also a notable price increase of bread (sliced) by 113.16% on a year-on-year basis, from N684.85 in August 2023 to N1,459.85 in August 2024. On a month-on-month basis, it increased by 2.28% from N 1,427.25 in July 2024. On the other hand, tomato 1 kg declined by 11.07% month-on-month from N1,693.83 in July 2024 to N1,506.35.

Tinubu, however, noted that the rising food cost concerns are not only shared by Nigerians but by many around the globe as prices and the cost of living continue to rise worldwide.

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“The central concern of our people today is the high cost of living, especially food costs. This concern is shared by many around the globe as prices and the cost of living continue to rise worldwide,” Tinubu stated.

He added his government is implementing several reforms aimed at reducing the burden on Nigerians, stating, “my fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home.”

Tinubu also announced a National Youth Conference to address the diverse challenges and opportunities confronting young people, who make up more than 60% of the population.

According to him, the conference will provoke meaningful dialogue and empower the youth to participate actively in nation-building by ensuring that their voices are heard in shaping the policies that impact their lives, creating a pathway for a brighter tomorrow.