INFLATION AND COST OF LIVING CRISIS IN NIGERIA

Abstract

Inflation is not only peculiar to Nigeria; it is a recurring decimal in the international community. Different countries of the world have been caught in the web of inflation thus having a significant impact on their economy. However, using Nigeria as a microcosm is one of the major challenges that the economy is grappling with today. So many factors account for the rise in the general price level of goods and services, they include; energy and transport-related issues, monetary policy, border closure and insecurity, etc. leading to the increase in the poverty level, crime rate, decrease in purchasing power, etc. This paper employs the structural functionalism theory to explore the nexus that exists between inflation and the cost-of-living crisis in Nigeria. The paper also concludes that there is a relationship between inflation and the cost of living crisis in Nigeria.