Ex-CIBN President Disputes NBS Inflation Figure, Says Real Rate Is Near 40%

Dr Okechukwu Unegbu, a former president of the Chartered Institute of Bankers of Nigeria, has questioned the National Bureau of Statistics’ July 2026 inflation figure of 14.43 percent. He argues that the Consumer Price Index does not reflect what Nigerians pay for everyday goods and services. According to him, the real inflation rate remains between 35 and 40 percent. Unegbu said any meaningful reduction in inflation should be felt in markets, transport costs and household spending. He maintained that the cost of living has not improved enough to support claims of a major decline in inflation.

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