JUST IN: Nigeria’s Inflation Rate Drops To 11.02% In August 2019, Despite Border Closure

Nigeria’s consumer price index, which measures inflation dropped to 11.02% in August 2019. This was revealed in the latest inflation report released by the National Bureau of Statistics (NBS).

According to the NBS report, inflation dropped by 0.06% points year-on-year, lower than the 11.08% recorded in July and 11.22% rate for June 2019.

Similarly, food inflation dropped to 13.17% from 13.39%, while core inflation dropped to 8.68% from 8.80% recorded in the previous month.

According to the NBS, the drop in inflation in the Nigerian economy continued in August 2019 despite several pronouncements regarding restrictions on the import of some food items, minimum wage and the recent border closures.

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