Dr. Reuben Abati, a seasoned journalist and former presidential adviser, has voiced doubts about Nigeria’s purported downturn in inflation, claiming that it hasn’t yet resulted in a significant reduction in the cost of living for Nigerians.
Speaking on Friday’s Morning Show on Arise Television, Abati questioned the validity of the National Bureau of Statistics’ (NBS) December inflation rate of 15.15%, speculating that it was impacted by modifications to the rebasing technique.
He claims that although government and foreign partners like the International Monetary Fund (IMF) have claimed that Nigerians would see real benefits from the new inflation calculation, such results have not yet been observed.
Even though the NBS has reported successive drops in inflation, Abati pointed out that everyday expenses, especially food prices, have not been affected.
The delay has been too long, he said, adding that a meaningful indication of change would be a discernible drop in food inflation. Economists frequently claim that inflation data takes time to alter living standards.
“This thing about inflation, which they say is now 15.15% as of December, is based on some kind of, you know, creativity,” stated Abati. They claim that the rebasing approach has been modified.
The IMF resident representative now states, “Well, this rebasing, this new methodology, will translate into concrete benefits in terms of the cost of living for Nigerians.”
According to the Bureau of Statistics, inflation has been declining steadily. The evidence’s impact on the cost of living has not yet been observed.
The experts in the field, the economists, say, “Okay, it takes time.” Too much time is passing before we start to notice the impact. We think that this CPI is having an impact when food inflation declines. For this reason, I believe the Manufacturers Association is equally worried.
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