Nationwide Jubilation As Nigeria’s Most Hardworking President, Muhamamdu Buhari, Sets New Economic World Record

By Post-Nigeria September 15, 2017 15:58

Nationwide Jubilation As Nigeria’s Most Hardworking President, Muhamamdu Buhari, Sets New Economic World Record

President Muhamamdu Buhari, has broken another outstanding world record, as the National Bureau of Statistics, NBS, on Friday, released the Consumer Price Index, CPI, report, which measures inflation with the rate dropping year-on-year from 16.05 percent in July, to 16.01 percent in August.

The Bureau in the report which was made available to Post-Nigeria, said this is the seventh consecutive month that the index would be declining since January this year.

The report reads in part: “The Consumer Price Index (CPI) which measures inflation increased by 16.01 percent (year-on-year) in August 2017.

“This was 0.04 percent points lower than the rate recorded in July (16.05) percent making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.”

“On a month-on-month basis, the headline index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in June.”

The NBS report stated that food inflation increased by 20.25 percent year-on-year in July, down marginally by 0.03 percent points from the 20.28 percent recorded in July.

On a month-on-month basis, the report said food sub-index increased by 1.14 percent in July, down by 0.38 percentage points from 1.52 percent recorded in July.

Speaking on the drop in the inflation rate, Financial Analysts attributed the decrease to various factors, such as transparency in the foreign exchange market, the intervention of the Central Bank of Nigeria in ensuring liquidity in the foreign exchange market.

 

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