Question on: JAMB Economics - 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
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Correct Option: B
In Nigeria, the Consumer Price Index (CPI) is presently used to measure inflation. The Consumer Price Index tracks changes in the prices of a basket of goods and services commonly purchased by households. It is a widely used indicator for measuring inflation as it reflects the average price changes that consumers experience.Â
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