Key questions this article answers:
- Amid fuel subsidy removal and FX liberalisation policies, Nigeria’s annual inflation rate was up 129 bps from June to 24.08% in July 2023. Is this reflective of the microeconomic reality?
- Record increases in energy prices seem to have a muted impact on Nigeria’s inflation numbers. What are the implications of the opaqueness in statistical inaccuracies?
For as long as I can remember, the public has always accepted Nigeria’s published macroeconomic statistics with a pinch of salt.
The vox populi mostly being that the situation on the ground differs greatly from what these numbers represent. A classic example, which is the focus of this article, is Nigeria’s inflation rate.
A few days ago, the National Bureau of Statistics (NBS) released the nation’s annual inflation figures for July 2023, which rose 129 basis points (bps) higher than June’s at 24.08%. While this disheartening figure represents the highest inflation rate recorded in over
