September 26, 2018

Nigeria’s inflation rate hits 16.5%, highest point since 2005 

Nigeria’s inflation rate hits 16.5%, highest point since 2005 

THE Consumer Price Index (CPI) measuring inflation in the Nigerian economy has risen to its highest point of 16.5 per cent since 2005. Report released by the National Bureau of Statistics (NBS) shows that inflation for the month of June spiked to its highest point since October 2005 — 11 years. Inflation rose from 15.6 percent in May 2016 to 16.5 percent in June 2016, as energy and food prices weigh in heavy on inflation for the month.

“In June, the Consumer Price Index (CPI) which measures inflation continued to record relatively strong increases for the fifth consecutive month. The Headline index increased by 16.5% (year-on-year), 0.9% points higher from rates recorded in May (15.6%),” NBS said. Read more

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