The National Bureau of Statistics is set to release its inflation numbers this week with some analyst already calling for a rate higher than 13 percent.
Inflation rate hit a 4 year high 12.8 percent last Month after fuel scarcity and the tariff increases on electricity spiked core and non core inflation respectively. As the situation remains dire, most analyst are betting on a 13 plus rate for the month.
Whilst 13 percent confirms a gloomy outlook for an already depressed economy, things could actually be worse for middle class and upper class Nigerians. A recent survey undertaken by Nairametrics proves this much.
Prices of white goods products such as household consumer electronics and gadgets have all spiked by as much as 50% in the last one year making it difficult for a lot Nigerians to afford them.
A 1.5hp Air Conditioner (AC) for example used to cost about N75,000 about a year ago has now doubled in price to about N150,000. Prices of gadgets and other electronics have also risen over the past year. Computers and mobile phones that used to cost N120,000 and N165,000 now cost about N160,000 and N250,000 respectively. Even though the dollar price of these gadgets have not changed the cost in Nigeria spiked due to the depreciation of the Naira.
Premium alcohol which is also mostly consumed by the upper middle class has also spiked of recent with prices nearly doubling. For example, the price of the popular Henessey VSOP which used to cost about N7.5k now goes for about N13k depending on where you are buying it for. Champaign and wine prices have risen by over 50% within the past year.
Foreign trips overseas are now ever more luxury with an economy price ticked costing as much as N500k for a 6 hour flight round-trip. Access to Forex is also a different kettle of fish as holiday makers often resort to buying forex at black market rates with prices about 60% of the official rates of N197.
Most schools are also said to have increased school fees in response to the economic situation in the country. Some by over 20% making it harder for parents of middle class kids to adjust to the new reality.
Other luxury fashion items such as perfumes, shirts, pants etc. have also seen prices skyrocket. Shirts that used to cost about N5000, now cost between N7,500 to N9000 as boutique owners complain of expensive flight tickets, depreciation of the naira as part of the major reasons for the price hike.