Inflation drops for eighth consecutive months to 15.98%

The National Bureau of Statistics has released the Consumer Price Index report, which measures inflation, with the rate dropping year-on-year from 16.01% in August to 15.98% in September.

In the report that was released on Tuesday in Abuja, the bureau explained that the drop in Nigeria’s rate of inflation in September was the eighth consecutive month that the index would be declining since January this year.

On a month-on-month basis, the NBS stated that the headline index increased by 0.78% in September, in contrast to the 0.97% recorded in August this year.

The national bureau stated that the “Consumer Price Index which measures inflation increased by 15.98% (year-on-year) in September 2017.

UCJ, UNILORIN.