National Bureau of Statistics (NBS) has explained why petrol subsidy removal and exchange rate unification did not have a positive impact on consumer in June.
Gatekeepers News reports that the NBS in a data released on Monday, said Nigeria’s inflation rate slightly rose for the sixth consecutive time to 22.79 percent in June 2023.
The inflation rate recorded a slight surge from 22.41 percent in May — less than expected by analysts.
In a series of tweets on Monday evening, the NBS said data collection for computing the inflation rate typically stops around the middle of a month.
The National Statistical agency said June’s inflation rate only reflects two weeks of the impact of the policies on consumer prices.
It added that the full effect of the subsidy removal and exchange rate unification as relates to prices can, therefore, not be reflected in June only, but also in coming months.
The tweet read, “The June Consumer Price Index (CPI) numbers may not fully capture the impact of the fuel subsidy removal and the unification of the exchange rate.
“This is because the data collection for computing the rate for the reference month typically stops around the middle of the month, meaning that the June numbers only reflects approximately two weeks of the policy impact on consumer prices.
“The full effect of the policy as relates to prices can, therefore, not be reflected in June only, but also in subsequent months, based on actual prices collected in market outlets across the country.”
