Nigeria’s inflation rate drops for second straight month

The National Bureau of Statistics (NBS) yesterday said that inflation dropped by 0.52 per cent in March, the second decline recorded on the year- on-year basis.

The first decline was recorded in February when inflation dropped by 0.94 per cent. In its latest Consumer Price Index (CPI) for March released in Abuja, the bureau stated that the index, which measured inflation increased by 17.26 per cent year-on-year.

The News Agency of Nigeria (NAN) reports that CPI measures the average changeover time in prices of goods and services consumed by people for day to-day living.

It, however, stated that the increase was a slower pace in March when compared to February consumer activities, which was 17.78 per cent. “This is the second consecutive month of a decline in the headline CPI on a year-on-year basis.

“It represents the effects of stabilising prices in already high food and non-food prices as well as favourable base effects over 2016 prices.’’

Meanwhile the presidency has insisted that the economy will soon bounce back with the recent measures government is putting in place to combat recession the country is, presently undergoing.

The Vice President, Yemi Osinbajo, who spoke in Yola yesterday during the commissioning of a one-kilometer street, said that the present administration had fashioned out modern economy schemes that will soon end the recession in the country.

He said that the administration is operating on its three basic campaign promises of security, corruption and economy. He said that in areas of security the government has achieved by defeating Boko Haram.

Osinbajo further disclosed that N-power programme that took off recently will generate ten thousand jobs for graduates from Adamawa state alone, this he said is part of the present administration’s strategy to reduce unemployment and boost the economy.

The Vice President also added that the Federal Government has initiated another programme called G- programme mainly for women and artisans.

SOURCE: African Spotlight