Tue. Apr 23rd, 2024

The Nigerian economy is getting better as the inflation rate is on the decrease. Data from the National Bureau of Statistics (NBS) has shown that inflation has experienced the seventh decline since January 2017. Also, Nigeria’s consumer price index which measures inflation has trimmed to 16.01% by 0.04% in the month of August.

In confirmation to this, the NBS report stated recently:
“Consumer price index (CPI) which measures inflation increased by 16.01% (year-on-year) in August 2017. This was 0.04% points lower than the rate recorded in July (16.05%) making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017. The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09% points from 16.04% recorded in July, and the rural index increased by 15.91% in August from 16.08% in July.”

In addition, the data was able to shows that food inflation has declined to 20.25% from 20.28% in July, while core inflation increased slightly by one-tenth of a percent to 12.30 percent last month.

This decrease in inflation has made life easier for many Nigerians as the prices of commodities have reduced as a result. Speaking with Adefila Jude on his experience about the inflation rate, he confirmed that things are really getting better:
“really, things are getting better. The prices of goods are reducing. Many things that were highly expensive before are a bit lesser now, so we are glad at this change.”

Many Nigerians had initially suffered from the high prices of goods. Many couldn’t afford to buy things due to this. The government have been called upon many times to look into the situation which is now beginning to take shape. Speaking with one of the goods distributors in Nigeria, Adams Chiego, he also explained that the prices of products are now on the decrease:

“the price at which we buy and sell before has now reduced. We are able to sell at lesser price because we can now also buy at lesser price. We are happy at this because the lesser the price, the more customers we get. We also hope that more will be done to reduce the inflation rate in the country.”

The Nigerian government is at present working really hard to reduce the cost of living of the people. Positive changes have been seen on this as Nigerians can now afford to purchase thier needs, although, more positive changes are expected.


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