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High cost of commodities worry Reps

High cost of commodities worry Reps

The incessant increase in prices of goods in the country got attention of House of Representatives worried as it resolved to set up a special committee, to enable stakeholders on the development.

The committee constituted by the House’s leadership is expected to start an investigative report with all important stakeholders in the country and carry out the root cause survey on the high cost of living, as well as commence policies needed for solving the high prices of goods and services in the nation.

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They are also set to converse with Captains of Industries, Trade Union Associations, Board of Directors, Manufacturers Association of Nigeria (MAN), and other promoters in the economic sectors on ways for a drastic reduction in prices of goods and services in the country.

This came following a motion moved under matters of urgent public importance by Hon. Ibrahim Isiaka on the development, lamenting that prices of food items have risen highly in many parts of the country in the last one year.

He stated that the causes were due to poor monetary policy, closing of border, COVID-19 pandemic and measures, and insecurity, thereby, causing Nigeria’s inflation rate to rise speedily.

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According to Blueprints, in his words, “Price Index in the past months has increased astronomically owing to many controllable and uncontrollable factors with inflation at a 48-month high, posing the challenge for increased spending on housing, shelter, medicals, clothes baby food and even cooking gas, because our nation’s local production still falls short of our local demand”. Information Guide Nigeriajamb results

“What does this mean for the average Nigerian? Not too farfetched, because life has become increasingly difficult for many Nigerians, especially the low-income earners, unemployed youth, other vulnerable people, those on fixed incomes such as the pensioners and others”. he said.

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Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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