No good news seems to be coming on the Nigerian economy as National Bureau of Statistics (NBS) reveals today that annual inflation rate in Nigeria has jumped to 16.5 percent in June. It’s highest in almost a decade and the fifth monthly increase in a row.
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, the National Bureau of Statistics (NBS) said.
“In June, the consumer price index which measures inflation continued to record relatively strong increases for the fifth consecutive month,” the NBS said.
Nigeria has seen earnings plunge with oil prices and restiveness in the Niger Delta with pressure on the naira currency helping to fuel inflation.
The naira hit 295.25 in thin trade, a month after the central bank caved in to months of pressure to remove its currency peg and effectively devalue the unit in response to falling prices for oil.
While many celebrated the floating of the naiara, the currency is yet to recover from damage inflicted by the 16-month exchange rate peg.
