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Re: Buhari Leaves Inflation At Highest In 17 Years - Politics - Nairaland

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Re: Buhari Leaves Inflation At Highest In 17 Years by presidency: 1:55pm On May 17, 2023
—TAMING INFLATION REMAINS HIGH PRIORITY

These days, the Guardian newspaper is at its best when it comes to twisting politically sensitive facts to suit its preconceived notions.

In one of its highest fallacies, the paper this morning is tying the rise of inflation to its 17-year high to the person of the President, Muhammadu Buhari who leaves office in exactly two weeks from this day.

Anybody who promotes this kind of thinking is telling the whole world that they either don’t know what is happening all over the world or they are not paying attention to the facts.

This stubbornly high inflation is a world-wide problem and no nation is immune to it since the global economic downturn triggered by the COVID-19 pandemic.

Inflation was boosted everywhere by the COVID-19 lockdowns with severe impact on national economies due to the dislocation of manufacturing and supply chains.

This is what led to fewer goods and the rises in prices of those goods reaching the market.

Considering that Nigeria relies heavily on imports for essential products like petroleum, cooking oils, fertilizers, crop chemicals, and others, international price fluctuations significantly impact local prices. The government, unless it chooses to disregard the principles of free trade, has limited maneuverability in this regard.

France, which enjoyed a stable average inflationary regime of 4.1 percent from 1960-2022 is today reporting price increases of up to 1,080.36%.

At 10.1 percent, UK inflation is at a 41-year high. Ghana’s inflation rate had hit a two-decades high of 54.1 percent before a recent decrease.

Turkey’s rate is 45 percent, Pakistan has also reported an alarming high inflation rate comparable to countries with similar profiles.

The war in Ukraine meant a rocketing in foodstuff prices leading to fear of famine in many countries, never mind inflation!

While Nigeria's reported inflation rate of 22 percent is undoubtedly high and worrisome, it would be incorrect to suggest that the Buhari administration is not making efforts to address the volatile global cost of living crisis.

President Buhari has consistently prioritized efforts to control inflation and continues to do so.

Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
May 16, 2023
Re: Re: Buhari Leaves Inflation At Highest In 17 Years by Staphylococcus: 2:03pm On May 17, 2023
It’s a world wide trend. He is just so unlucky that the world economic downturn happened during his administration.

Inflation is biting in every part of the world.

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Re: Re: Buhari Leaves Inflation At Highest In 17 Years by ivolt: 2:06pm On May 17, 2023
Staphylococcus:
It’s a world wide trend. He is just so unlucky that the world economic downturn happened during his administration.

Inflation is biting in every part of the world.
It is not a worldwide trend. That is another excuse you guys use in deceiving people.
Inflation rate was normal in stable economies before Covid.

Nigeria's inflation was already rising abnormally even before Covid-19.

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Re: Re: Buhari Leaves Inflation At Highest In 17 Years by Staphylococcus: 2:11pm On May 17, 2023
ivolt:

It is not a worldwide trend. That is another excuse you guys use in deceiving people.
Inflation rate was normal in stable economies before Covid.

Nigeria's inflation was already rising abnormally even before Covid-19.

Mention one buoyant country in the world that’s not experiencing inflation. I will do my research and feedback
Re: Re: Buhari Leaves Inflation At Highest In 17 Years by werisetogether(m): 1:06pm On Aug 02, 2023
@presidency

Seems you haven't been active on Nairaland for some time

Hope all is well...

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