As the festive season approaches, millions of Nigerian households are facing mounting economic pressure, with inflation continuing to rise sharply.

The cost of essential goods, particularly food, is rising rapidly, forcing Nigerians to spend significantly more on items like rice, a key staple.

A new report from the National Bureau of Statistics (NBS) reveals that Nigeria's inflation rate surged to 34.6 percent in November 2024, up from 33.88 percent in October. This increase is largely driven by soaring food prices.

Food inflation has jumped to 39.93 percent in November 2024, a sharp rise from 32.84 percent a year earlier. According to a market survey by BusinessDay, the price of a 50kg bag of local parboiled rice has climbed by 66 percent, now averaging N100,000 in December 2024, compared to N60,000 in December 2023.

With the minimum wage in Nigeria standing at N70,000 (less than $50 per month), these escalating food prices have left many Nigerians struggling this Christmas. Along with high fuel prices and the ongoing naira scarcity, families are feeling the financial strain.

Bola Ademosu, a teacher shopping at Ketu Market, expressed her frustration: “How can I afford a bag of rice for N100,000 when I earn just N100,000? How will I feed my children and take care of our needs?”

She continued, “We’ve been managing, but how much further can we go with prices constantly rising?”

In Nigeria’s largest economy, wages are failing to keep up with inflation, and civil servants, along with low-income families, are bearing the brunt of this economic strain. Experts warn that the growing cost-of-living crisis is having significant physical and mental health impacts on the population.

“It has been a tough year for the average Nigerian, especially with the constant rise in food prices,” said AfricanFarmer Mogaji, CEO of X-Ray Consulting. “Rice is a staple in millions of Nigerian homes, and imagine spending N100,000 on a bag of rice in a country where the minimum wage is only N70,000.”

The cost of preparing a traditional Christmas meal, such as jollof rice, has also increased. According to the latest Jollof Index report, the average cost of preparing a pot of jollof rice for a family of five has risen by 5.1 percent to N21,300.