BREAKING: Inflation rate drops to 11.02% in August despite border closure —NBS Nigerians
The National Bureau of Statistics on Tuesday said that the Consumer Price Index which measures inflation drop from 11.08 per cent in July to 11.02 per cent in August.
The bureau in the report stated that inflation rate of 11.02 per cent for August represents a decrease of 0.06 percentage point year-on-year. The NBS said that the drop in inflation rate continued in August despite several pronouncements regarding restrictions on the import of some food items, minimum wage and the recent border closures.
With respect to the impact of border closure on consumer prices, the bureau stated that the country may not see the significant effect on inflation now as the closure was only captured for 11 days during the 31 days reference period in August.
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