The President Muhammadu Buhari-led administration might heave a sigh of relief following a positive report on the state of the economy.
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The National Bureau of Statistics on Tuesday released the Consumer Price Index which measures inflation with the rate dropping from 15.9 per cent in November to 15.37 per cent in December.
The drop of 0.53 percent points recorded in December makes it the eleventh consecutive slowdown in the inflation rate.
The report said the Urban inflation rate rose by 15.78 per cent year-on-year in December from 16.27 per cent recorded in November, while the rural inflation rate also eased by 15.02 per cent in December from 15.59 per cent in November.
On a month-on-month basis, the urban index rose by 0.66 per cent in December, down by 0.19 from 0.85 per cent recorded in November, while the rural index rose by 0.54 per cent in December, down by 0.18 when compared with 0.72 percent in November.