Fact-Check: Is Nigeria’s inflation rate better than other countries as shared by gov El-rufai?

Fact-Check: Is Nigeria’s inflation rate better than other countries as shared by gov El-rufai?

Claim: A  tweet showing data on the inflation rate of some countries in 2021 claimed that Nigeria’s inflation rate is better than that of almost all the countries listed in the post.

Full Text: 

The tweet which originated from a Nigerian Data analysis firm, Statisense circulated on Twitter and was reposted by the Kaduna State Governor, Nasir El-rufai on his Facebook. The Data shared reads as follows: 

Maldives +3150%, Rwanda +754%, Japan +469%, Egypt +168%, Ghana +136%, Switzerland +124%, Italy + 90%, Russia +89%, Australia +66%, Netherland + 64%, South Africa + 36%, Nigeria +19%, and India 14%.

Verification:

An investigation by PRNigeria shows that data analysis of the inflation rate of countries of the world by the world bank data portal – a free and open access to global development data – contradicts the figure from Statisense which was shared by a sitting Governor. 

The Data analysis of the inflation rate for 2021 on the listed countries as given by the world bank is as follows:

Maldives 0.5%, Rwanda – 0.4%, Japan – 0.2%, Egypt 5.5%, Ghana 10.0%, Switzerland 0.6%, Italy 1.9%, Russia 6.7%, Australia 2.9%, Netherland 2.7%, South Africa 4.6%, Nigeria 17.0%, India 5.1%.

Another Data analysis firm known as worlddata.info also shows that the inflation rate of 2021 is also different from what is seen in the claim. The data analysis of the inflation rate of 2021 by worlddata.info. 

Maldives 0.5%, Rwanda – 0.4%, Japan – 0.2%, Egypt 5.5%, Ghana 10.0%, Switzerland 0.6%, Italy 1.9%, Russia 6.7%, Australia  2.9%, Netherland 2.7%, South Africa  4.6%, Nigeria 17.0%, India 5.1%

However, using WhoIs Godaddy website verification, PRNigeria identified the owners and operators of the StatiSense official website www.statisense.com.ng and a call was placed to the organisation for clarification following which PRNigeria was directed to interact with it’s Tweeter admin. 

Following a direct message, the twitter admin @StatisSense clarified as follows, “The Figure shared is not the inflation rate but the Inflation Growth Rate….which basically compares how inflation has grown within a given period as in this case, between Dec 2021 – June 2022 (6 months) among countries listed.

“For example, Nigeria inflation rate in Dec was 15.6%+ but 6 months after it came to 18.6%, while it has added 3% points, the % growth rate is 19%.

Same logic was applied to other countries,” StatiSense explained. 

Christiana Amodu, a Nigerian Journalist with years of experience in covering Business and Economy corroborates this. 

“What statisense is saying from this figure I’m seeing is basically how inflation has grown in these countries from December 2021 till date and not actually the inflation rate in itself. Essentially, it sums up the growth pattern of how much inflation rate has become worse in these countries. 

“It might not be the actual figure currently per say but a summation of how far high it has come hence the ‘growth rate’ they put on the title,” Amodu explained. 

Conclusion/Verdict

The Data by StatiSense did not project inflation rate but inflation growth rate which they arrived at by simply comparing how inflation has grown in some countries within a given period i.e by how many points inflation has added withing a comparable period measured in months. The claim by StatiSense and Governor El-rufai is therefore NOT deliberately MISLEADING. 

By PRNigeria