More naira, less value as inflation erodes N7.6tn consumer spending
kolaking.substack.com
Temitayo Jaiyeola Nigerians are spending more but getting less value as inflation wiped at least N7.61 trillion off consumers in 2023. According to new data by the National Bureau of Statistics (NBS), households’ final consumption expenditure rose to N141.69 trillion (purchasers’ value) in 2023, representing a 30.63 percent increase from N108.47 trillion spent in 2021. This growth, however, was just nominal.
More naira, less value as inflation erodes N7.6tn consumer spending
More naira, less value as inflation erodes…
More naira, less value as inflation erodes N7.6tn consumer spending
Temitayo Jaiyeola Nigerians are spending more but getting less value as inflation wiped at least N7.61 trillion off consumers in 2023. According to new data by the National Bureau of Statistics (NBS), households’ final consumption expenditure rose to N141.69 trillion (purchasers’ value) in 2023, representing a 30.63 percent increase from N108.47 trillion spent in 2021. This growth, however, was just nominal.