_____ is presently used in Nigeria to measure inflation
ECONOMICS
JAMB 2023
_____ is presently used in Nigeria to measure inflation
- A. GNP implicit price deflator
- B. Consumer price index
- C. Wholesale price index
- D. Real Gross Domestic Product
Correct Answer: B. Consumer price index
Explanation
In Nigeria, the Consumer Price Index (CPI) is used to measure inflation. The CPI measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It is the most widely used measure of inflation and is sometimes viewed as an indicator of the effectiveness of government economic policy.
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