Presidency has provided insight into the inflation rate, linking it to crises caused by COVID-19 and Russia/Ukraine war.
National Bureau of Statistics (NBS) yesterday in Abuja, in its Consumer Price Index (CPI) and Inflation Report for April, said inflation increased to 22.22 per cent, 0.18 per ent higher than in March.
Analysts had put the blame on President Muhammadu Buhari-led administration.
But, in reaction to a newspaper opinion (not The Nation), the Presidency said the inflation crisis is not an isolated case, citing national economies that had also announced similar development.
In a statement by Senior Special Assistant to the President on Media and Publicity, Garba Shehu, the Presidency explained that the circumstance with Nigeria was dislocations inflicted by COVID-19 and war in Ukraine.
“These days, The Guardian is at its best when it comes to twisting sensitive facts to suit its preconceived notions.
“In one of its fallacies, the paper this morning is tying rise of inflation to its 17-year high to the person of the President, Muhammadu Buhari who leaves office in two weeks from this day.
“Anybody who promotes this kind of thinking is telling the world they either don’t know what is happening all over the world or they are not paying attention to facts.
“This high inflation is a world-wide problem and no nation is immune to it since the global economic downturn triggered by COVID-19 .
“Inflation was boosted everywhere by COVID-19 lockdowns with severe impact on national economies due to dislocation of manufacturing and supply chains.
“This is what led to fewer goods and rises in prices of those goods “, it said.
“Considering that Nigeria relies on imports for essential products as petroleum, cooking oils, fertilisers, crop chemicals, and others, international price fluctuations impact local prices. The government, unless it chooses to disregard principles of free trade, has limited manoeuverability.
“France, which enjoyed a stable average inflationary regime of 4.1 per cent from 1960-2022 is today reporting price increases of up to 1,080.36 per cent.
“At 10.1 per cent, UK inflation is at a 41-year high. Ghana’s inflation rate hit a two-decades high of 54.1 per cent before a recent decrease.
“Turkey’s rate is 45 per cent, Pakistan has also reported 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 countries, never mind inflation!
“While Nigeria’s reported inflation rate of 22 per cent is high and worrisome, it would be incorrect to suggest the Buhari administration is not addressinh the volatile global cost of living crisis.
“Buhari has prioritised efforts to control inflation and continues to do so”, it said.