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Claim: X user claims that the inflation rate in Argentina has completely dropped.
Verdict: Misleading! While Argentina’s inflation has declined, it remains significantly high, at 209 per cent annually and 3.5 per cent monthly. These rates are higher than Nigeria’s 32.7 per cent annual and 2.52 per cent monthly.
Full Text
Economies around the world have been experiencing varying degrees of inflation. Nigeria’s annual inflation rate recently rose from 32.15 per cent in August 2024 to 32.7 per cent.
Following this increase, an X user, Oji Ugo, expressed dissatisfaction with Nigeria’s volatile inflation. To compare Nigeria’s situation to Argentina, which has also faced fluctuating inflation, she claimed that Argentina’s inflation had “completely gone down” while Nigeria’s now stood at 32.7 per cent.
She wrote, “BREAKING NEWS: Nigeria’s inflation rate has increased to 32.7%, while Argentina’s inflation has gone down completely. On yoo mandate we sha stand.”
While this post received low engagement, with 34 reposts and 42 likes, it appeared to be generating more claims. For instance, @BarrTailorson, a user who retweeted the post, said Nigeria’s inflation rate “is more than 50%” and that Ms Ugo’s claim is false.
Apart from X, this claim has also been reposted on Facebook. DUBAWA conducted this verification to set the records straight.
Verification
Nigeria VS Argentina’s inflation rate
As of September 2024, Nigeria’s annual inflation rate stands at 32.7 per cent, reflecting an increase from 32.15 per cent in August 2024. This marks a rise after two consecutive months of decline in the inflation rate.
In the same September, Nigeria’s monthly inflation rate was pegged at 2.52 per cent. This represents an increase from 2.22 per cent recorded in August 2024, indicating a rise in the average price level compared to the previous month. Increased transportation and food prices drove this rise due to recent petrol price hikes.
As of September 2024, Argentina’s annual inflation rate was 209 per cent, down from 236.7 per cent in August. However, its monthly inflation rate was reported at 3.5 per cent. According to a poll by Reuters, the 3.5 per cent recorded in September is the lowest monthly rate since 2021.
Conclusion
Argentina’s inflation has not decreased completely. However, notable improvements have recently occurred. Despite these improvements, Argentina’s inflation rates are significantly higher than Nigeria’s in monthly and annual terms.
