A statistician, Dr Olatunji Arowolo, says the country may experience high inflation rate due to demand and spending pattern as it prepares for the 2019 elections. Inflation is the rate at which the general level of prices of goods and services is rising, and consequently the rate at which the purchasing power of the currency is falling. He said people would envisage scarcity of some goods, and thereby, tend to produce in large quantities ahead of the elections and hoard them. Nigeria’s inflation rate measured by the Consumer Price Index (CPI) dropped from 14.33 in February to 13.34 per cent in March year-on-year, according to the National Bureau of Statistics (NBS). The Bureau stated that the figure showed 14 consecutive reductions in inflation rate since January 2017.
Source: Nigerian Tribune April 16, 2018 15:22 UTC