The economic crunch in the country has forced residents of Imo State to make hard choices, to survive the unrelenting and crushing effect of a turbulent economy.
With cost of living soaring on daily basis and insecurity yet to abate, residents of Owerri and environs are faced with tough options to keep body and soul together.
Cost of living has sky-rocketed more than 300 percent, with foodstuffs hitting roof top prices.
Mrs Grace Eke, a petty trader at Eke Ukwu Market Owerri, told this newspaper that with schools on holiday, there is temporary relief for parents who have to cope with daily school runs and morning expenses that goes with it.
She said “For now, children are on holiday. Its a temporary relief, but when they resume in September, I have to cope with it, not just the stress of school runs but with the prices of items they go to school with on a daily basis. This is aside school fees.
“Items such as caprisone, spaghetti, indomie and snacks are four common items, my children usually consume before going to school or when they at school.
“A cartoon of caprisone is now sold for N2,000. A cartoon of indomie is sold for N3,100, an item that was sold for N2,500 few months back. And Spaghetti formerly sold for N250 has increased to N450 per sachet.
According to Mrs Eke, these items do not last more than a week, forcing her to contemplate seeking alternatives for her three children.
“I cannot continue giving them caprisone or indomie to my children when they want to go to school. If the prices increase again, I have to seek for alternatives. I have to look for something else. Its a hard choice for me and my family. Inflation is too much. Please tell our President and governors to do something about it” she said
Mrs Eke’s plight is a reflection of the hardship and economic crunch witnessed by most parents not just in Imo State, but across the South East towns such as Aba, Awka and Umuahia.
With inflation rate hitting above 18 percent in June, prices of food items have ceaselessly been on the rise.
A market survey by this newspaper at some markets in Owerri, show that a crate of egg which was sold for N1,400, now sells for N1,900. A satchet of “pure water” which was sold for N10, has stuck to N20. A loaf of bread sold for N500 has climbed to N1,000.
A 12.5kg cooking gas is now filled up with N9, 600, a sharp increase of over 50 percent
A shop owner at Relief Market, along Egbu Road, Owerri, Miss Ifeoma Okwuosa, said shop owners are also the worst hit by the rising inflation.
“Customers complain bitterly when you tell them the price of an item. If perhaps they purchased item x for N12 today, and come back days later and you tell them the price has changed, they get furious. Its not our making. Prices of goods change everyday. And it never goes down” she said.
Another shop owner, who simply gave his name as Evans said “What makes this inflation thing to be challenging for shop owners is that you don’t know what prices are going to be in the market the next day. For instance, you bought item x for N10, perhaps sold for N12 to make a profit of N2.
“There is possibility that by the time you go to market again, that same commodity may go for N14, which means you have to add extra money to buy the same item” he said.
The soaring cost of living is not peculiar to Imo State. The South East States are also faced with rising inflation and sky rocketing food prices.
A chieftain of the All Progressives Congress, APC in the State, Clems Ohanaeye,however explained that though times are tough in the State, the cost of living does not exist only in the State.
He said “It is a national problem. It is also a global crisis. In the U.K, inflation has risen to an all time high of 10 percent. Cost of living has also increased. Thus, it is a global problem.
Nigeria has been hit by two turbulent economic recessions since Muhammadu Buhari became President in 2015.
Before Buhari became President, inflation rate stood at 9.8 percent. Since then, it has been on steady rise with the naira falling on daily basis against the dollar.