Several firms are raising their prices in response to rising operating costs, fuelled by the naira fall, high raw materials’ and energy prices.
There have been hikes in the prices of goods and services in the last one year. The costs of electricity, data, calls and fuel have risen by over 50 percent.
The National Bureau of Statistics (NBS) recently released the country’s Consumer Price Index (CPI), which showed that the rebased inflation rate decreased to 24.48 percent in January up from 34.48 percent last December. The inflation rate fell further to 23.2 percent in February.