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Nigeria Inflation Rate Drops By 0.94 Per Cent

Nigeria Inflation Rate Drops By 0.94 Per Cent

by | 15th March 2017
Naira.

The National Bureau of Statistics has released the Consumer Price Index which measures inflation rate with the index dropping from 18.72 per cent in January to 17.78 per cent in February.

 

The drop in the inflation rate by 0.94 per cent points is the first time in 15 months.

 

The report attributed the drop to slow increase recorded in food prices and other divisions.

 

Reacting to the inflation report for February, Kunle Ezam, a Research Economist says it is an expected outcome, due to the fact that the factors responsible for the initial rise had fizzled out with a consistent drop expected in subsequent quarters.