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Financial analyst tasks CBN on inflation rate

26 September 2013, 13:15

Lagos - A financial analyst, Henry Boyo, on Thursday in Lagos charged the Central Bank of Nigeria (CBN) to promote lower inflation rate in the country.

Boyo, in an interview with the News Agency of Nigeria (NAN), said that the current 8.2 per cent inflation rate was too high for any economy to grow.

“No economy can prosper under the current inflation rate of 8.3 percent.”

“The average inflation rate in developed economies of the world is not higher than two per cent,” he said.

The analyst said that despite the reduced inflation rate in recent months, the price of consumer products were still high.

“The drop from the peak of 12 per cent to 8.2 per cent cannot be linked to a fall in the price of consumer goods,” he said.

Boyo said that the fall in inflation had not matched increased employment opportunities or structural development in the country.

NAN reports that the current inflation rates stand at 8.2 per cent from the peak of 12.3 per cent, the lowest since September 2012.

-    NAN


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