2023-09-02 10:41:59
The deputy governor of Economic Policy of the Nigerian Central Bank compared the 115% interannual rate of Argentine inflation with the 24.08% recorded by his country during the same period.
Friday, September 1, 2023
The vice governor of Economic Policy of the Central Bank of Nigeria, Kingsley Obioraannounced this Thursday that his country is not doing “so badly”, when comparing Argentine inflation of 113% year-on-year with 24.08% registered in the African nation during the same period.
Obiora uttered the phrase that went viral in a few hoursat a conference on foreign trade, when speaking about the problem of inflation that affects his country.
“When you travel around the world, you see that in Lebanon year-on-year inflation is 269%. It’s shocking, but it’s true. You have an inflation in Argentina that right now stands at 115%. In Türkiye it is 38%,” he told the audience.
The manager of the Nigerian Central Bank also compared the inflationary situation of his country with that of neighboring nations and added that “in Ghana the latest indicator is 42.5%, in Ethiopia it is 31% and in Egypt it reaches 36%.”
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“In our beloved country we have 22.8%. So, when you listen to those figures, they show you that we are not doing so badly,” concluded Obiora, who was also an IMF official representing 23 African countries.
The inflation data for July in Nigeria registered an advance of 1.29% against 6.3% of the same month in Argentinabringing the interannual data to 24.08% in that African country, while in Argentina, interannual inflation stood at 113.4%.
Infographic on inflation in Argentina between August 2022 and July 2023. Photo: Indec
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