— Families are not only reinventing Christmas in the face of increasing inflation, but they are also teaching people what it means to have little and be content during the holiday season.
Christmas and the holidays are incredibly sensitive periods for a lot of people, to the extent that heart attacks and family violence all surge during this time.
The risk is higher for those experiencing major life obstacles, especially those experiencing illness, financial hardships, loss and grief, or family disintegration.
Though not totally, the stress and pressure of the season also afflict people with greater luxury. Sometimes Christmas is not a time of peace, love, joy, and togetherness, but rather of stress, family conflict, depression, and loneliness.
Studies indicate that during the holidays, women in particular may experience extreme levels of pressure to satisfy everyone.
Handling Financial Stress
A lot of major tensions build up around Christmas, starting with money worries.
In Nigeria, where inflation is on the increase, some households are appalled by the rising cost of items, especially during this Christmas season.
Inflationary pressures began to develop through 2021, particularly in Latin America, the Caribbean, Africa, and Western Asia. It was observed that these locations had headline inflationary figures in the double digits due to increased food and oil costs, supply chain disruptions, and the depreciation of local and domestic currencies.
All economic systems are vulnerable to inflation, but developing countries are more vulnerable to it because of the higher and more unexpected rates that are predicted to occur there.
Compared to November 2022, when the headline inflation rate was 21.47 per cent, the headline inflation rate in December 2022 decreased to 21.34 per cent . When comparing the December 2022 inflation rate to the November 2022 inflation rate, the trend indicated a decrease of 0.13 per cent . On the other hand, the headline inflation rate increased by 5.72 per cent points year over year to 15.63 per cent, the rate that was recorded in December 2021. This indicates that in December 2022, the headline inflation rate was higher than it was in the same month the previous year (December 2021).
Also Read Living Happily in Inflation
According to the National Bureau of Statistics, The All Items Index changed by 1.71 per cent on a month-over-month basis in December 2022, 0.32per cent more than the rate noted in November 2022 (1.39 per cent). This indicates that, in comparison to November 2022, the overall price level was 0.32 per cent higher in December 2022. The average CPI’s percentage change from the previous year’s average to the twelve months ending in December 2022 was 18.85 per cent, indicating a 1.89 per cent increase from the 16.95 per cent recorded in December 2021.
The NBS stated, “In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate which was 22.41 per cent . Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 per cent points when compared to May 2023 headline inflation rate. On a year-on-year basis, the Headline inflation rate was 4.19 per cent points higher compared to the rate recorded in June 2022, which was 18.60 per cent.”
Nigeria’s inflation rate rose from 26.72 per cent in September 2023 to 27.33 per cent in October. Trading Economics global macro models and analysts predict that by the conclusion of this quarter, Nigeria’s inflation rate will be 30.00 percent.
For instance, the price of a 50kg bag of beans, such as Oloyin beans, has jumped to between N60,000 and N70,000, while a bag of rice is offered for between N38,000 and N45,500.
Not only have the prices of other needs soared, but also those of mainstays like rice, eggs, vegetable oil, and wheat flour.
“Things are now expensive,” said an Ogun State rice vendor.
Comprehending the Spirit of Christmas
The traditional Christmas image shows big, content families getting together with lots of friends for a festive celebration. But for a variety of reasons—family dissolution being the most prevalent—many people find themselves alone over the Christmas season.
Some families are rediscovering the actual spirit of Christmas by enjoying with what they have, despite the exorbitant cost of items this holiday season.
The United Nations Department of Economic and Social Affairs claims that impoverished households are suffering greatly as a result of rising global commodity prices, since they must spend a greater percentage of their income on food.
The UN observed that the poorest households will be most affected by growing inflation in various countries—including Nigeria, where it is higher—in its examination of the economies of emerging nations.
The studies revealed, “The sharp increase in food prices risks pushing millions more into poverty while exacerbating inequality even further.
“Worryingly, surging food inflation could worsen food insecurity in many developing countries that are still struggling with economic shocks from the pandemic.”
StoriesByAde learned from some families that Christmas was about more than simply food—it was also about commemorating the birth of “Our Lord Jesus Christ.”
Mrs. Matthew Aina feels that understanding the significance of the season is more significant than dressing in new clothing and consuming chicken and rice.
“Though things are extremely expensive, we must find a way to understand that Christmas isn’t just about eating rice and chicken and wearing new clothes,” she stated. All that matters is Jesus. For some of us, that is our only chance, therefore we have to look past the fact that we can’t always afford what we want.”
“We’ve always managed to spend Christmas with our families, and we’ll keep doing so. Mr. Adeshina Williams states, “It is crucial that we uphold the true meaning of Christmas, regardless of how much we have.”
