The National Bureau of Statistics highlighted seven reasons Prof. Hanke’s claim is malfunctioning and holds no ground in the Nigeria environment.

The National Bureau of Stats has countered at the claim of Prof. Steve Hanke that Nigeria’s inflation is really 33.5% rather than the reported 14.23% as at October 2020. This was revealed in a tweet on the official Twitter handle of the firm.

In the disclosure, the National Bureau of Statistics highlighted seven factors why Prof. Hanke’s claim is malfunctioning and holds no ground in the Nigerian community.

Highlights of the disclosure

The declaration, for that reason asked, “Is it possible and/plausible that the Prof understands more than this entire operations?”

What you need to know

Professor Steve Hanke in a series of tweets called out the recently launched inflation report at 14.23% by the National Bureau of Statistics. The tweet reads, “@nigerianstat determined inflation in Nigeria at 14.23%/ yr for Oct. 2020. They should have pulled that number from Sleepy @MBuhari’s hat. I properly measure inflation every day in Nigeria. Today, it’s 33.5%/ yr. This is over 2x the farcical official rate.”

Remember that Nairametrics had actually reported previously in the week that Nigeria’s inflation rate increased by 14.23% (year-on-year) in October 2020, as disclosed by the National Bureau of Stats (NBS). A truth that was majorly impacted by the significant walking in the rate of food items and services such as medical services, air transportation, hair saloon, amongst others.