National Bureau of Statistics Inflation skyrocketed to 16.5% in June, bureau says

The NBS said the rise reflected higher prices for electricity, transport and food, a separate index for which rose to 15.3 percent from 14.9 percent in May.

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Yemi Kale play

NBS boss, Dr. Yemi Kale

(Information NG)
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According to the National Bureau of Statistics (NBS), annual inflation in Nigeria accelerated to 16.5 percent in June, data showed on Monday, its highest in almost a decade and the fifth monthly increase in a row, as the crisis in Africa's biggest economy deepens.

 National Bureau of Statistics (NBS) play

 National Bureau of Statistics (NBS)

(thisdaylive)

 

The NBS said the rise reflected higher prices for electricity, transport and food, a separate index for which rose to 15.3 percent from 14.9 percent in May.

"In June, the consumer price index which measures inflation continued to record relatively strong increases for the fifth consecutive month," the NBS said, according to a Nigerian CommunicationsWeek report.

ALSO READ: "Nigeria heading into recession"

Nigeria has seen revenues plunge with oil prices, with pressure on the naira currency further helping to fuel inflation to the levels recorded.

The Naira hit 295.25 in thin trade, one month after the CBN caved in to months of both local and international pressure to remove its currency peg and effectively devalue the unit in response to falling oil prices.

Nigeria's Buhari fears delays in corruption trials play

Nigeria's Buhari fears delays in corruption trials

(AFP)

 

Investors have welcomed the currency float but a lot of them are still steering clear until the country shows signs of recovering from damage inflicted by the 16-month exchange rate peg.

What should the government do about inflation?»

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