NBS Says Inflation Dropped to 11.2% in August


The National Bureau of Statistics on Tuesday disclosed that the Consumer Price Index (CPI), which measures inflation, plummeted from 11.08 per cent in July to 11.02 per cent in August.

In its latest report released and made available to journalists, the Bureau explained that inflation rate of 11.02 per cent for August exemplifies a decrease of 0.06 percentage point year-on-year.

According to the NBS, the drop in inflation rate continued in August despite several government restrictions on the importation of some food items, minimum wage and the recent border closures.

With respect to the impact of border closure on consumer prices, the Bureau stated that the country might not see the significant effect on inflation now as the closure was only captured for 11 days during the 31 days reference period in August.

Recall that the nation’s inflation rate according to the NBS dropped from 11.22 per cent in June to 11.08 per cent in July.

Nigeria had also recorded a drop in inflation in June as the rate plunged from 11.40 per cent in May to 11.22 per cent.

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