Breaking: Buhari’s economic plan hits high note as inflation rate drops for 8th consecutive time since January

macfranc007 October 17, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Buchi Obichie

- The inflation rate in Nigeria dropped for the eighth consecutive month in September 2017

- The National Bureau of Statistics released the Consumer Price Index which showed that the inflation rate dropped from 16.01 per cent in August to 15.98 per cent in September

- However, on a year-on-year index, the CPI increased by 15.98 per cent in September; but this is still 0.03 per cent points lower than the rate recorded in August

Nigeria’s inflation rate dropped for the eighth consecutive month in September 2017, since it began dropping in January.

The development was made public by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report which measures inflation, which was released on Tuesday, October 17.

NAIJ.com notes that the inflation rate dropped from 16.01 per cent in August to 15.98 per cent in September.

According to the National Bureau of Statistics, “The Consumer Price Index which measures inflation increased by 15.98 per cent (year-on-year) in September 2017.

“This was 0.03 per cent points lower than the rate recorded in August (16.01) per cent, making it the eighth consecutive decline in the rate of headline year on year inflation since January 2017.”

See the info-graphs released by the NBS below:

Nigeria’s inflation rate drops for eighth consecutive time since January

An info-graph showing the CPI for September (Photo credit: National Bureau of Statistics)

An info-graph showing the food sub-index for September (Photo credit: National Bureau of Statistics)

An info-graph showing the core sub-index for September (Photo credit: National Bureau of Statistics)

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Recall that NAIJ.com previously reported that the Nigerian National Bureau of Statistics confirmed that the country was finally out of recession with a positive growth in its Gross Domestic Product (GDP).

The confirmation was made by Dr Yemi Kale, the statistician-general of the federation, on Tuesday, September 5, 2017.

Has President Buhari truly taken Nigeria out of recession? - on NAIJ.com TV: