Nigerians in the United Kingdom have continued to decry the worsening economic conditions in the country, describing the situation as “disturbing”.
Those studying or working are worried as inflation climbs to a 40-year high and energy prices rising even higher, Nigerians living in the UK are facing an unprecedented cost of living crisis.
The UK inflation rate was 4 percent in December 2023, up from 3.9 percent in the previous month. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022.
Rishi Sunak, the nation’s Prime Minister says he is determined to cut taxes, keep inflation falling and get mortgage rates down to affordable levels.
Desirous to slow down an overheated economy, London has embarked on extensive monetary policy tightening that has helped to halve the inflation rate from 11 percent in 2022 to 4 percent in December 2023.
Yet, this has meant a slowdown in the rate of economic growth as businesses reduce investments and consumers cut down on spending.
A health worker who wants to be identified as Omoyemi said though there are food banks around with “street angels” selling at discounted prices, the cost of varieties of food items has increased significantly.
She stated that the major expense squeezing money out of her pocket is her rent bills.
“Honestly the cost of living in the UK has increased significantly. Initially, my 2 bedroom terraced house was £900-1000 but now I pay 1200 (about 2 million naira monthly).
“Food and groceries have increased too, though it is still affordable, but the increase is significant,” Omoyemi said.