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| - A verified X account, @Straightshuters, has posted a claim online that Nigeria’s food inflation rate has dropped to 2 per cent from 34 per cent.
The X user said the food inflation rate dropped following a reported move by the Nigerian government to share bags of rice to the poor and vulnerable households across the country.
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The post read:
Food Inflation Drops To 2% After Tinubu’s Genius Idea of Sending Trucks of Rice To States
There has been a miracle in Nigeria after the genius move of President Bola Tinubu @officialABAT: Food inflation has now dropped to 2%. Straight Shooters can authoritatively report that President Tinubu’s brilliant idea of using rice giveaway to end the high food inflation has worked. In an NBS @NBS_Nigeria report on Monday, the statistics body said food inflation is now at 2%, down from over 34% in a miraculous development. “We told Nigerians, especially these Obidients, that Asiwaju knows what he is doing, they said our mouth was smelling. Now, see, our brilliant president has delivered a miracle,” an excited APC member told Straight Shooters. At publishing time, global economists are still in disbelief over how the genius idea worked. Tinubu spokesperson, Bayo Onanuga@aonanuga1956 even disclosed that many world leaders are now seeking appointment with Tinubu to tap from his wealth of brilliant economic ideas.
It will be recalled that on the same day the inflation rate for June 2024 was publicly released, the Nigerian government donated about 20 trucks of rice to each of the nation’s 36 states and the FCT as part of measures to cushion food insecurity in the country.
CLAIM
Food inflation rate drops to 2 per cent from 34 per cent.
THE FINDINGS
Findings by The FactCheckHub show that the claim is FALSE!
On July 15, 2024, The ICIR reports that Nigeria’s headline inflation rose to 34.19 per cent in June from 33.95 per cent in May this year.
Earlier in June 2024, the food inflation rate also rose to 40.87 per cent on a year-on-year basis, compared to the 25.25 per cent rate recorded in June 2023.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: Millet whole grain, Garri, Guinea corn, etc. (Bread and Cereals Class); Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class); Groundnut Oil, Palm Oil, etc. (Oil & Fats Class); and Catfish Dried, Dried Fish-Sardine, Mudfish (Fish Class), etc,” the National Bureau of Statistics (NBS) stated in the report.
The report further stated that the rise in food inflation on a Month-on-Month basis was caused by the rise in average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class); Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class); and Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class).
This was also reported by TradingEconomics and Channels TV.
Following the removal of petrol subsidies, Nigerians have been facing more hardship with persistent hike in cost of living since President Bola Ahmed Tinubu was sworn-in on May 29, 2023 as inflation rate rose to a 28-year high in June 2024, according to the Nigerian Economic Summit Group (NESG) report.
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A further check on the X account by our fact-checker shows that the user acknowledges that the account was created to misinform people as seen on its bio.
A careful read of the post might indicate that it is a political satire but it can also mislead individuals who have no idea it is satirical and may amplify the claim.
THE VERDICT
The claim that the food inflation rate drops to 2 per cent from 34 per cent is FALSE; Nigeria’s food inflation rate as at June 2024 is 40.87 per cent.
Seasoned fact-checker and researcher Fatimah Quadri has written numerous fact-checks, explainers, and media literacy pieces for The FactCheckHub in an effort to combat information disorder. She can be reached at sunmibola_q on X or [email protected].
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