As Nairametrics reported yesterday, the National Bureau of Statistics (NBS) released its consumer price index which revealed that Nigeria’s inflation rate dropped to 11.22% last month.
According to the NBS, virtually all the indicators were positive. In other words, headline inflation, core, food, urban and rural inflation all improved considerably, even as there was a 0.18% point drop, compared to May’s 11.40% inflation rate.
Quick Stat: Nigeria’s inflation rate drops to 11 Months low in June 2019
Year – 2018
Year – 2019
— Nairametrics Research (@Nigeriandata) July 15, 2019
A lukewarm Response: This development ought to have elicited some rejoicing under normal circumstances but there was virtually none. The reason for this is not far-fetched — millions of Nigerians aren’t feeling the so-called inflation rate drop.
What the people said: According to a procurement officer in one of Fast Moving Consumer Goods companies who spoke to Nairametrics on a condition of anonymity, the reported drop is supposedly not reflective of the economic realities in the country. She wondered how there could have been a drop in food and other inflation indicators and yet millions of Nigerians remain mostly impoverished, struggling to meet their basic needs on a daily basis.
“I mean, it doesn’t just make sense. I don’t just want to say this report is either fabricated or doctored because that would be disrespectful to the people at the NBS. Yet, I can’t help but fault it. It’s just too good on paper and non-reflective of the economic realities on ground. Now, that’s just my perspective…”
Another person who spoke to Nairametrics’ Head of Research also questioned the authenticity of the inflation report. He specifically wondered how possible it was for a 0.18 point drop to have occurred within the space of a month.
Meanwhile, over there on Twitter, many Nigerians also questioned the inflation report. Channel TV’s Baoson Omofaye even had to call out Naija Twitter people for “not liking good news”. Well, let’s just say some of them had a lot to say to him in response.
The stats does not reflect the realities of the common man. It is no news.
— emeka irokoh (@eorjim) July 15, 2019
Exactly my thought. The stats could be all green, but people don't care until they see it real in their daily living.
— Wale Akinola (@oluomo1st) July 15, 2019
In all sincerity, the Nigerian economic situation calls for a sober reflection. It is a situation that should really bother any well-meaning Nigerian. While this article isn’t intended to discredit any report, it will be good if we can get to a time in this country when macroeconomic indicators would not have to be disputed on the grounds of them not reflecting the condition of the average Nigerian in the street.
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