Inflation pushing us out of business – Traders lament persistent price hike

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Traders have decried the unprecedented hike in prices of commodities., saying the market system has become so unpredictable. Nigeria has recorded an average of about 28.2 per cent increase in the prices of major food items within the last few months. The situation has plunged the citizens into a financial crisis fueled by hyperinflation.

A market survey carried out on food prices by DAILY POST across the Federal Capital Territory, FCT, and its outskirts indicated that the prices of food items have been on a steady rise in the last few months. The food items monitored include yam, rice, beans, vegetable oil, palm oil, tomatoes, pepper, maize, onion, and millet. Others are noodles, spaghetti, sugar, wheat flour, meat, garri, wheat, and guinea corn.

“I have two wives and six children and we all survive on what I make daily. “Customers are complaining about price hikes and we too are complaining because of the prices we buy from suppliers. “The gain is not like before and there’s no market like before. Things have gone from bad to worse. All I can say is may Allah help us,” he said. In the same market, Muhammad Ali, who sells beans, noted that “Right now, beans are very costly in the market.

 

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