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NIGERIA: Inflation rate dropped to 11.22% in June 2019 – NBS

Nigeria is one of the countries with the largest populations worldwide and also the largest economy in Africa, with its economy growing rapidly after a slump in the aforementioned year 2017. It is slated to be one of the countries with the highest economic growth over the next few decades. Demographic key indicators, like infant mortality ratefertility rate, and the median age of the population, all point towards a bright future.

Despite persistent political, economic and security challenges across Nigeria, the Consumer Price Index (CPI) which measures inflation rate dropped to 11.22% in June 2019, according to the National Bureau of Statistics.

Nigeria Inflation Rate June, 2019.

The inflation dropped by 0.18% points year-on-year basis from the 11.40% recorded in May, likewise, the average price of major food items in Nigeria, like yam, eggs, rice and tomatoes, reduced in June according to the National Bureau of Statistics (NBS).

The country seems to make big leaps forward in manufacturing and technological developments, and boasts huge natural resources, including natural gas. All in all, Nigeria and its inflation seem to be on the upswing – or on the path to stabilization, as it were.

This was part of my response to the Director of Business and Marketing of PT Siantar Top Tbk when he asked how is the situation with kidnapping in Nigeria? Just as I wrote a few days ago that entrepreneurs are pro-government, entrepreneurs help the government to bring in investment either local or foreign investments. If Aliko Dangote has being anti-government, he wouldn’t have been the richest man in Africa.

1 reply on “NIGERIA: Inflation rate dropped to 11.22% in June 2019 – NBS”

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