Tougher times for consumers as inflation hits 16.5%

  |   Nigeria News

The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation stating that the country’s inflation rate has risen from 15.6 per cent in May to 16.5 per cent in June.

“The Headline index increased by 16.5 per cent (year-on-year), 0.9 percentage points higher from rates recorded in May (15.6 per cent).

“During the month, the highest increases were seen in the electricity, liquid if fuel (kerosene), furniture and furnishings, fuel and lubricants.”The report said while imported foods continue to increase at a faster pace, the food sub index on the aggregate increased at a slower pace in June relative to May.

The food index it added increased by 15.3 per cent (year on year) in June up by 0.4 percentage points from rates recorded in May.

For instance, it said the index rose by 100 basis points from 17.1 per cent in May to 18.1 per cent in June, while the rural index increased by 0.7 per cent points from 14.3 per cent in May to 15.1 per cent in June.

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