Scientific calculator: Nigerians disagree with NBS on falling inflation

  • Experts dig holes in Nigerian Bureau of Statistics as inflation is falling in Nigeria as reality on the streets is just the opposite
  • They say the data fed by the NBS is supposed to be a tool for planning governments at all levels in Nigeria, but fear it may not be accurate.
  • NBS said Nigeria experienced the lowest inflation rate in November compared to the same period last year

Nigerians said the Nigeria Bureau of Statistics (NBS) uses a scientific calculator to measure Nigeria’s inflation rate.

This, they say, because what the NBS is saying is the complete opposite of the reality on the ground.

Analysts and market watchers noted flaws in the data agency’s report, saying it rarely reflects people’s purchasing power.

NBS graphic credit: NBS
Source: UGC

Editor of The Industry newspaper and 789 Marketing website, Goddie Ofose, in an interview with Legit.ng, criticized the data agency, saying its statistics should come from the streets and not the scientific measures they employ.

Read also

Only one party can save Nigeria from current socio-economic hardship, says Obaseki

Do you have a groundbreaking story that you would like us to publish? Please contact us via [email protected]!

According to him:

“I’m spending this season. This season is a festive season and what happens every festive season is that there is always a price increase. There is always a shortage of products because there are so many people chasing after these products like rice knowing full well that we are not officially importing rice. We depend on local production. And since the bandits invaded the North, people have stopped producing. The price of rice will go up, that’s obvious. It went up, the beans went up. “

Ofose said if the inflation rate goes down, it should be reflected in the pockets of ordinary Nigerians.

He said:

“As an ordinary Nigerian, you should know what your N5000 brought you in October and what it can bring you in November. I still don’t understand where the Bureau of Statistics is generating its data from. It’s supposed to come from the everyday market.

Read also

Nigeria has spending problem, we need to manage resources better, BudgIT warns

Ofose said the NBS could assess government body language at this time.

According to him, the statistics are supposed to line up and be a planning tool.

Ofose said:

“When you give statistics that do not correspond to reality, there is a problem. And this is why we are where we are because those who are responsible for generating these statistics are not giving us what might correspond to the reality on the ground, so planning becomes very difficult, which is why governments to all levels are incapable of planning and solving the problem we have.

NBS said on Wednesday December 15th, 2021, that Nigeria’s inflation rate fell further in November 2021 to 15.4%, from 15.99% recorded the previous month.

The report says the latest figures represent the lowest since November 2020, when the Consumer Price Index (CPI) rose 14.89%.

Read also

Waiting for Madam President of Nigeria by Mallam Hamzat Lawal

However, on a month-to-month basis, the overall index rose 1.08% in November 2021, 0.10% above the rate recorded in October 2021 (0.98%).

The urban inflation rate increased by 15.92% (year-on-year) in November 2021 against 15.47% recorded in November 2020, while the rural inflation rate increased by 14.89% in November 2021 against 14.33% in November 2020.

Food inflation

Food inflation fell significantly to 17.21% in November 2021 from 18.34% recorded in October 2021. Food inflation fell to its lowest level in 14 months. On a monthly basis, the food sub-index increased 1.07% in November 2021, up 0.16% from the 0.91% recorded in October 2021.

The food index was caused by higher prices for bread and cereals, fish, food products, potatoes, yams and other tubers, oils and fats, milk, cheese and vegetables. eggs and coffee, tea and cocoa.

Read also

We are doing everything we can to bring down food prices, Buhari told Nigerians

What is core inflation?

‘All items minus agricultural products’, also known as core inflation, which excludes volatile agricultural product prices, stood at 13.85% in the base month, from 13.85% in the base month. , 24% recorded the previous month.

The largest increases were recorded in the prices of gas, liquid fuels, other services, clothing, spare parts for vehicles, road passenger transport, non-durable household goods, clocks and jewelry clocks, air transport of passengers, pharmaceuticals, household appliances, articles and products for personal care, cleaning, repair and rental of clothing and fuels and lubricants for personal transport equipment.

Inflation in the States

In November 2021, inflation of all items on an annual basis was highest in Gombe (18.54%), Jigawa (17.54%) and Nasarawa (17.43%), while Kwara (11, 73%), River (13.36%) and Edo (13.50%) recorded the slowest increase in headline inflation year-over-year.

In terms of food inflation, Gombe State also recorded the largest year-over-year increase at 21.83%, followed by Kogi (21.09%) and Nasarawa State ( 20.48%), while Edo (14.12%), Rivers (14.31%) and Osun (14.45%) recorded the slowest increase in year-on-year food inflation

Read also

Reasons for underdevelopment in Nigeria and possible solutions

What this means

Nigeria’s inflation rate recorded its 8th consecutive moderation in November 2021, falling to its lowest level in 12 months. However, an overall inflation rate of 15.4% implies that the purchasing power of Nigerians continues to weaken due to an increase in the prices of goods and services.

Legit.ng reported that Nigeria’s inflation rate rose 17.33% year-on-year in February 2021, making it the highest in four years. Last month’s rate is 0.86% higher than the 16.47% reported by the Nigeria Bureau of Statistics (NBS) in January 2021.

While the lowest inflation rate was recorded by Cross River, which saw a 12.97% increase in inflation in February, Kwara state accounted for an inflation rate of 14.25% and the inflation rate of Enugu State reached 14.73%.

For food inflation, Kogi State recorded 30.47%, Ebonyi State inflation reached 25.73%, while in Sokoto State it increased to 25, 68% year-on-year.

Source: legitimate Nigeria


Source link

Comments are closed.