Nigeria’s inflation narratives took a controversial twist yesterday as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), gives its own figure contradicting that of the National Bureau of Statistics, NBS, by a wide margin.
The NBS had released its Consumer Price Index, CPI, for June 2024 reporting that headline inflation rate increased by 0.24 percentage points to 34.19 per cent in June from 33.95 percent in May.
But when contacted by newsmen for his comment, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Kelvin Oye, simply said, “Inflation is over 90 percent”, without giving further details.
Giving its own details NBS, also said that food inflation grew to 40.87 percent in June from 40.66 percent in May 2024 due to increase in the prices of millet whole grain, garri, guinea corn, etc (bread and cereals class), yam, wateryam, cocoyam, potatoes, yam & other tubers class, among other food items.
Meanwhile, financial analysts said the NBS’ figures exceeds both the individual and consensus forecasts.
NBS mentioned that In June 2024, the headline inflation rate increased to 34.19 percent relative to the May 2024 headline inflation rate which was 33.95 percent.
According to NBS, in June food inflation on a year-on-year basis was highest in Edo (47.34 percent), Kogi (46.37 percent), Cross River (45.28 percent), while Nasarawa (34.31 percent), Bauchi (34.78 percent) and Adamawa (35.96 percent), recorded the slowest rise in food inflation on year-on-year basis.