NIGERIA INFLATION DROPPED BY 0.02 PERCENT.

For the third consecutive month,the Nigeria Inflation rate dropped to 17.24 percent in April from 17.26 percent in March.The Statistics was released by the National Bureau of Statistics NBS on Tuesday.

inflation 4

The drop observed in the inflation rate for the third consecutive month simply connotes that the Consumer Price Index which measures inflation ebbed from 17.26percent in March 2017 to 17.24 percent in April 2017.

In economics,inflation is a sustained increase in the general price level of goods and services in an economy over a period of time while a Consumer Price Index simply CPI rmeasures changes in the price level of market basket of consumer goods and services purchased by households.The CPI is a statistical estimate constructed using the samples of prices of a sample of representative items whose prices are collected periodically.

 

With this 0.02 percent drop,the high food and non-food prices in the country have started going down,although a two- digit inflation rate that Nigeria economy is struggling to be healthy.

 

ref:dailypost.org

ref:en.wikipedia.org

tag:Business News#economy#inflation

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