Veteran journalist and former presidential aide Reuben Abati has questioned the credibility of the reported decline in inflation announced by the National Bureau of Statistics (NBS).
Speaking on Arise Television’s Morning Show, Abati argued that the 15.15 per cent inflation rate was not evident in market prices.
He insisted that the drop has yet to translate into real relief in the cost of living for Nigerians.
Abati said economists often argue that inflation data takes time to affect living conditions, but maintained that the delay has been too long, adding that a real sign of improvement would be a noticeable reduction in food inflation.
He said, “This thing about inflation, which they say is now 15.15% as of December, is based on some kind of, you know, creativity. They say rebasing methodology has been changed.
“Now, the IMF resident rep say, well, this rebasing, this new methodology, will translate into concrete benefits in terms of the cost of living for Nigerians.
“Well, inflation has been going down according to the Bureau of Statistics, consecutively. We have not yet seen the effect of the evidence in terms of the cost of living.
“The Economists, those who know the subjects, they say, okay, it takes time. It’s taking too long a time when we begin to see the effect. And food inflation comes down, that’s when we believe that this CPI is having effect. That’s why I think the Manufacturers Association are also very concerned.”