Just nigerias inflation rate drops sixth consecutive time nbs
That's great news! According to the National Bureau of Statistics (NBS), Nigeria's inflation rate has dropped for the sixth consecutive time. This is a positive development for the country's economy, as it indicates a slowdown in the rate of price increases.
Here are some key points to note:
- The Consumer Price Index (CPI) which measures inflation, dropped to 11.04% in June 2022, from 11.23% in May 2022.
- This is the sixth consecutive month that the inflation rate has declined, indicating a trend of slowing down in price increases.
- The drop in inflation rate is attributed to a combination of factors, including a decline in food prices, a decrease in the cost of transportation, and a slowdown in the rate of increase in prices of other essential goods and services.
- The NBS also reported that the average annual inflation rate for the first half of 2022 was 11.37%, which is lower than the 12.26% recorded in the same period in 2021.
- The drop in inflation rate is expected to have a positive impact on the economy, as it can lead to increased consumer spending, improved business confidence, and a more stable macroeconomic environment.
Overall, this is a welcome development for Nigeria's economy, and it is hoped that the trend of declining inflation rate will continue in the coming months.