NACCIMA: NBS Data On Inflation Rate Does Not Reflect Current Economic Reality
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has refuted claims made by the National Bureau of Statistics (NBS) which reported a consecutive monthly drop in the rate of inflation in Nigeria.
NACCIMA, comprising the various chambers of commerce in the country posited that the claims by the bureau contradicts the current economic realities across the country.
Ripples Nigeria reports that on Monday the NBS in its Consumer Price Index (CPI) report stated that the country’s headline inflation rate in August further eased to 32.15 per cent relative to the July 2024 headline inflation rate of 33.40 per cent.
Reacting to the claim, NACCIMA described it as odd considering the high cost of commodities nationwide, and the hike in petrol prices.
Its President, Dele Oye, speaking shortly after the report was released on Monday said the NBS figure was highly questionable and does not reflect the economic realities experienced by businesses and consumers across the country in the different sectors.
Hear him; “As the umbrella body representing the Nigerian private sector of all the chambers of commerce, NACCIMA finds the NBS figures to be grossly at odds with the escalating cost of living and doing business that our members and the general public are grappling with daily.
“Contrary to the NBS claims, the prices of goods and services have not only doubled but in many cases tripled, driven primarily by the astronomical increase in the cost of petroleum products, a key input for transportation, logistics, and production across various industries.
“The Nigeria National Petroleum Company Limited’s admission that it will be selling petrol lifted from the Dangote refinery at over N1,000 per liter in the far north is a clear testament to the severe supply shortages and skyrocketing fuel prices in the market.”
According to him, the skyrocketing fuel prices have led to a domino effect, with transport fares, as well as the prices of food, manufactured goods, and other commodities, spiraling out of control.
“If we relate this to the report where petrol was scarce and most people had to buy fuel from non-conventional sources (black market), over and above NNPC current increased official prices, the effect on August inflation ought to be higher than as currently projected by the NBS.
“Moreover, the Central Bank of Nigeria’s sustained monetary tightening measures, poor management of the naira, including hikes in the Monetary Policy Rate, have failed to curb the inflationary pressures facing the economy.
“The fact that inflation has continued to decline for two consecutive months, as claimed by the NBS, further calls into question the credibility and accuracy of their data collection and reporting methods.”
The NACCIMA boss asserted that the association believes that the NBS figures do not reflect the harsh economic realities on the ground and urges the agency to revisit its data gathering and analysis processes to provide a more reliable and representative assessment of the country’s true inflation situation.
He said, “As the voice of the Nigerian private sector, we call on the government to urgently address the underlying structural and supply-side issues driving the soaring inflation, rather than relying on questionable statistics that do not align with the lived experiences of businesses and citizens.
“Only through a comprehensive, evidence-based approach to tackling inflation can we restore confidence in the economy and create an enabling environment for businesses to thrive.”
SOURCE: Ripples Nigeria
