Nigeria’s Inflation Rate Drops To 11.02%

The inflation rate for the country has dropped from 11.08 percent in July to 11.02 percent in August.

According to the report released by the  National Bureau of Statistics (NBS), the decrease represents a reduction of 0.06 percentage point year-on-year.

Speaking on the inflation rate, the NBS said that the effort of the federal government has not shown forth 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.