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.............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
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Correct Answer: Option B
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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free