Dr Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria, has disputed Nigeria’s latest official inflation figure, arguing that the rate remains between 35 and 40 per cent despite the National Bureau of Statistics reporting a sharp decline.
The NBS reported that headline inflation fell to 15.43 per cent in July 2026, according to its latest Consumer Price Index. The figure represents the rate at which the average prices of goods and services changed over the period.
Brandspur Banking News Desk reports that Unegbu’s assessment is significantly higher than the official figure, with the former banking institute president maintaining that the statistics do not adequately capture the economic pressure experienced by many Nigerians.
His position comes as households continue to grapple with the cost of everyday essentials, including food, transport and energy. For many consumers, a fall in the inflation rate does not necessarily mean that the prices of goods have returned to previous levels.
Unegbu said the reality Nigerians encounter when they shop or pay for services should be an important consideration when assessing whether inflation is actually easing.
He questioned the extent to which the reported decline has translated into improved purchasing power, pointing to the prices of basic commodities and fuel as examples of the pressure still facing households.
The former CIBN president argued that if inflation were genuinely easing in a way that significantly benefited consumers, Nigerians would see a noticeable difference in the prices they pay in markets.
He maintained that the official figures do not correspond with records and observations available to him, insisting that inflation remains high despite the decline announced by the statistics agency.
Unegbu therefore placed Nigeria’s headline inflation at between 35 and 40 per cent, considerably above the 15.43 per cent reported by the NBS.
The difference highlights the distinction between inflation and the actual price level faced by consumers. A decline in inflation means prices are rising more slowly; it does not necessarily mean that the prices of goods and services have fallen.
The NBS says the headline inflation rate is calculated from changes in the Consumer Price Index, which tracks the general movement in prices of goods and services consumed by households. The agency recently completed a rebasing of the CPI to better reflect current consumption patterns.
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The July figures show that while overall headline inflation stood at 15.43 per cent, food inflation was considerably higher at 20.31 per cent, according to the NBS. Core inflation, which excludes certain volatile components, stood at 14.97 per cent.
For households, the food inflation figure is particularly significant because food and non-alcoholic beverages account for a substantial share of everyday spending. This helps explain why some consumers may continue to feel severe financial pressure even when the headline rate falls.
Unegbu’s comments add to the ongoing debate over how best to measure Nigeria’s cost of living and whether official inflation statistics adequately capture the experiences of households across the country.
While the NBS figure remains the official inflation rate, the former CIBN president’s assessment underscores the gap between macroeconomic indicators and how economic conditions are perceived by Nigerians at the point of purchase.
