A Professor of Applied Economics at Johns Hopkins University, Professor Steve H. Hanke, has argued that the actual inflation rate in Nigeria is worse than what is being reported by the National Bureau of Statistics.

Based on Hanke’s Inflation Dashboard, the inflation rate in Nigeria is an eye-popping 52%, not the 20.8% official record reported for September 2022. 

Note that Nigeria ranks 16th out of 23 countries featured in the dashboard.

The methodology used: Professor Steve H. Hanke measured the inflation rate in Nigeria using high-frequency, free-market exchange-rate data in combination with Purchasing Power Parity (PPP) theory. The rapid depreciation of the naira in the black market was also factored into calculating the inflation rate.

The economic theory of PPP is commonly used to compare the economic health of countries. PPP measures are also used by global institutions such as the World Bank, United Nations, International Monetary Fund, and European Union.

Disparity with NBS explained: You might wonder why there is a wide gap between Hanke’s inflation rate and the official rate by the NBS. Well, Nairametrics understands that it is because the NBS includes only 740 items in its basket of goods used for creating the Consumer Price Index (CPI). Although this may seem like a lot, it only accounts for a small portion of the goods bought and sold daily in Nigeria.
Hanke’s Inflation Dashboard, on the other hand, incorporates price changes for everything bought and sold in Nigeria, not just those items in the NBS basket.

The NBS calculates the official statistics by measuring the changes in the prices of items in the official basket (in local currency). The NBS also uses a sampling method to determine these prices. The items in the official basket are then given weights and a price index is created.

On the other hand, purchasing power parity is based on exchange rate data and price level differences between two countries. PPP avoids measurement errors and weighting issues common in official price indices.

https://nairametrics.com/2022/11/09/nigerias-real-inflation-rate-is-actually-52-far-above-nbs-reports-steve-hanke/

APC eh!!!
If at this rate things are going, and you are still supporting tilumbu to be Nigeria president, you supposed to be cursed for life !!!

What the NBC does is try to please the government in power by downplaying the reality for each government in power

They did this same thing under GEJ when they manipulated the unemployment statistics, they’re doing it again under Buhari.

The problem is, any bad government will like and retain them, that’s why they keep manipulating and falsifying

They will never tell you the truth. Lots of revelations will be unearthed the day Buhari leaves office. ..The Lagos press is conniving with the ruling elite to hide the terrible and extremely perilous state of the economy in particular and the country in general.

Economy is almost getting to a point of no return and we need a demigod like His Excellence, President Bola Ahmed Tinubu to revitalize our economy, and steer on course.

Why I believe the blueprint of His Excellence, President Bola Ahmed Tinubu, on economy. His vast years of experience and competence, is what is required in Nigeria at the moment.

The political Albert Einstein of Nigeria will not fail if track-records are put to the table. Asiwaju is a in-depth thinker, welcomes constructive criticisms, has a network of "proven" best hands, and same time a genius with foresight and continuous improvement!

I am certain, assured and reassured that, Asiwaju only needs to replicate his achievements, and Nigeria will be right back on course!

God bless His Excellence, President Bola Ahmed Tinubu

It is not 52% , it is 99.9%. His beloved USA where he lives is not yet 77% but it officially dropped to 7.7% without him querying it but he is picking numbers from his hat for numbers on Nigeria.

From US where he is sitting in comfort, he fraudulently claimed to know all the prices of goods and services in Nigeria and no one in nairametrics could ask for his dash board to scrutinize before publishing this academic fraud.smh.

Only a lazy unpatriotic journalist/blogger full of low self esteem seeking for validation will publish this kind of report without demanding for the man's basket to see the prices he used.

Next time he should make it 99.9% since there are a lot of gullible haters of PMB and Asiwaju Tinubu who will swallow it hook , line and sinker.
FG should ignore him or at best, demand for his yeye dashboard if the media can not.

When official becomes unofficial.
Fraudulent government
Nigeria has become a laughingstock under Buhari/APC.
Just 20% when the naira devaluation is so wide. Then I used to wonder?
With this, multiply the unemployment statistics by 2. That's the actual figure.
The mess by this government is unprecedented.
Stop electing mediocrity in office.

Let him confirm whether this same methodology he used for Nigeria was the same used for USA. we just read inflation dropped to 7.7% in USA.

Wow, what a clone, he stayed in US and calculating inflation in Nigeria. His only argument is exchange rate.

SocialFinance:
Let him confirm whether this same methodology he used for Nigeria was the same used for USA. we just read inflation dropped to 7.7% in USA.

Wow, what a clone, he stayed in US and calculating inflation in Nigeria. His only argument is exchange rate.

How much was exchange rate before Buhari came?
How much was a cup of garri, bread etc compare today.
What you normally buy at N20 years ago today you buy them at 120.
Check the value lost. Triple more
Is definitely more than 20.8% inflation

CoronaVirusRelo:
Economy is almost getting to a point of no return and we need a demigod like His Excellence, President Bola Ahmed Tinubu to revitalize our economy, and steer on course.

Why I believe the blueprint of His Excellence, President Bola Ahmed Tinubu, on economy. His vast years of experience and competence, is what is required in Nigeria at the moment.

The political Albert Einstein of Nigeria will not fail if track-records are put to the table. Asiwaju is a in-depth thinker, welcomes constructive criticisms, has a network of "proven" best hands, and same time a genius with foresight and continuous improvement!

I am certain, assured and reassured that, Asiwaju only needs to replicate his achievements, and Nigeria will be right back on course!

God bless His Excellence, President Bola Ahmed Tinubu

Pity your children!

Zonefree:

Pity your children!

Thanks for your concern. Unappreciated!

socialmediaman:
What the NBC does is try to please the government in power by downplaying the reality for each government in power

They did this same thing under GEJ when they manipulated the unemployment statistics, they’re doing it again under Buhari.

The problem is, any bad government will like and retain them, that’s why they keep manipulating and falsifying

If they don't please the federal government, who will release funds for their research and pay their salaries?

That agency needs to be directly funded by the Central Bank of Nigeria to be truly independent.

I just hope that Buhari doesn't totally destroy Nigeria's economy before leaving on May 29th. That man is a collosal failure.

I can never believe any figure from government establishment, it's always falsified

Whatever figure we hear or read under bubu in terms of inflation, unemployment, kidnappings, killings and insecurity must be multiplied by 2 or 3 to get the accurate measure