NBS laments on rising inflation, says it makes many Nigerians poorer

The National Bureau of Statistics (NBS) says that a World Bank’s report which stated that not less than seven million Nigerians were thrown into poverty in 2020 due to rising inflation is true.
The statement was made by Head, Public Affairs and International Relations, National Bureau of Statistics (NBS), Mr. Sunday Ichedi.
According to him, rising inflation usually makes people poorer.
He added that since inflation reduces the purchasing power of income, it has the power to induce poverty and make more people poorer.
“The World Bank did the analysis based on statistics. You yourself can do it. If inflation is going up, poverty will be going up. When inflation is going up, the purchasing power of the income will reduce and more people are bound to be poorer,” Ichedi said.
It will be recalled that the World Bank had on June 15, 2021 reported that inflation pushed seven million Nigerians below poverty line last year.
“Although the economy started to grow again, prices are increasing rapidly, severely impacting Nigerian households,” World Bank stated.
As a result of this, World Bank said: “has pushed an estimated seven million Nigerians below the poverty line in 2020 alone.”
According to the global bank, food prices accounted for over 60% of the total increase in inflation.