The Tinubu Media Support Group (TMSG) has said that the drop in headline inflation in Nigeria after the rebasing of the Consumer Price Index (CPI) is a sign of better things to come.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG believes that the inflation rate which dropped to 24.48 per cent in January from the December figure of 34.80 per cent would dip further, in response to the economic reforms of President Bola Tinubu’s administration.
The statement said: ” With the rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics (NBS), Nigeria’s headline inflation for January now stands at 24. 68 per cent. This is a 10.4 per cent drop from the December inflation figure.
“This for us is a true reflection of the consumption pattern especially as the base year used by NBS is 2024, unlike the 2009 base that had been in use before now.
“It is instructive that the Statistician General of the Federation, Mr. Adeyemi Adeniran was emphatic that the rebased inflation figure does not mean a general decline in price level but we invite Nigerians to note that, in the last few weeks, there has indeed been a drop in food prices in many parts of the country.
“There are clear indications of this in several states including Kano, where market leaders are reporting that prices of essential commodities like rice, flour, milk, beans, and spaghetti have crashed by over 40 per cent as a result of Federal Government’s intervention.
“What many people do not realize is that the 150-day, duty-free food import window approved by President Tinubu has just begun with Nigeria receiving the first shipment of 32,000 tons of brown rice from Thailand in January.
“The shipment which is the first of its kind in a decade is in the aftermath of the
country’s decision to implement a zero-duty regime on wheat, corn, rice, and other food crops last year as part of an interim plan to curb rising food inflation.
“We also need to add that the food imports are to be subjected to what the authorities have described as Recommended Retail Price (RRP)”
TMSG is also convinced that ongoing government policies will lead to a further dip in the inflation rate in the coming months.
“We are encouraged that the naira has been stable in recent months as a result of tighter monetary policies aside from the increase in oil production.
“Our optimism is further buoyed by the projection of various rating agencies and analysts including Agusto & Co and PWC which, even before the CPI rebasing, had envisaged a significant decline in headline inflation in 2025 as a result of sustained government reforms which are yielding fruits,” it added.
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