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Over the past few weeks I have had to advice and counsel a
number people on personal finance issues relative to the financial turbulence within
the Nigerian environment. I had to explain that it is not just a Nigerian
thing, but worldwide as a result of Inflation rate been is on the high side and
Cost of living which is also on the increase.
Let me refresh our memory: What is Inflation? This is an
economical term defined as ‘The rate at which the general level
of prices for goods and services is rising, and, subsequently, purchasing power
is falling.’ It is obvious that the inflation rate in Nigeria is in the state
of comatose.
Let us quickly define the other concept: What
is cost of Living? ‘Price of goods and services required for sustaining or
maintain an average level of standard of living. This cost varies from place to
place and from time to time.’
But I will relate more to the Nigeria environment. The inflation
rate in Nigeria as at May 2015 9%, this is not the highest in the history of
Nigeria as we had a record high rate of 47.56% in January 1996, however it is
high at 9%, this figure is published by the National Bureau of Statistics,
Nigeria (http://www.nigerianstat.gov.ng/).
