The Organised Private Sector has expressed concerns over the consecutive monthly decline in Nigeria’s inflation rate, stating that it does not align with the current economic conditions in the country.
The National Bureau of Statistics reported a decrease in the headline inflation rate to 32.15% in August 2024, compared to 33.40% in July 2024. This decline was attributed to factors such as high commodity prices and increased petrol costs across the nation.
Industry leaders, including the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, raised doubts about the accuracy of the NBS data, emphasizing that the reported inflation rate contradicts the escalating costs faced by businesses and consumers.
The surge in petrol prices has significantly impacted various sectors, leading to a sharp increase in the prices of goods and services. This situation has been exacerbated by supply shortages and rising fuel costs in the market.
The Association of Small Business Owners of Nigeria also questioned the reported decrease in inflation rates, citing the continuous rise in prices of goods and the ineffective measures taken to control inflation.
While some, like the President of the Lagos Chamber of Commerce and Industry, believe that the inflation rate decline is within expectations, others are skeptical due to ongoing economic challenges such as high petrol prices, exchange rate fluctuations, and food shortages.
Overall, there are mixed opinions on the accuracy of the reported inflation rate decline, with calls for a reassessment of data collection methods to provide a more realistic assessment of Nigeria’s inflation situation and to implement effective strategies to address the underlying economic issues.