Bismarck Rewane, the managing director of Financial Derivatives Company has stressed for the need for the National Bureau of Statistics (NBS) to reconstruct Nigeria’s inflation calculation, IgbereTV reports
He noted that the current food and non-food inflation figures do not reflect the economic realities in Nigeria.
He made this assertion at the July 2022 briefing captioned: “Analysts Bemused, Markets Confused and Speculators Amused”, on Thursday.
The economist also projected Nigeria’s headline inflation to hit 44.51 percent if NBS reconstructs the current basket of goods for measuring inflation.
NBS most recent inflation report in May stood at 17.17 percent.
“The weights of the components in the basket for evaluating the periodic Consumer Price Index (CPI) ought to be reviewed every five years to reflect the changing households’ consumption patterns especially in the face of COVID 19 which altered spending patterns as well as Nigeria’s changing demographics,” he argued
