Inflation skyrocketed to 16.5% in June, bureau says

folarin okunola

July 20, 2016 12:24 PM

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.

NBS boss, Dr. Yemi Kale

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.

"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.

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.

folarin okunola