WASHINGTON: The National bureau of statistics has released its consumer price index which indicates that the Nigeria’s inflation rate now stands at 16.5 percent in June. The figure rose from 15.6 percent to 16.5 percent and this data increase represents the highest rate since october 2005.
According to the data, food prices rose 15.3 percent in June from a year earlier, compared with 14.9 percent in May. The highest increases were in the costs of fish and meat, fruit and vegetables, bread and cereals.
The headline index increased by 16.5 percent year on year 0.9 percentage points higher from rates recorded in May.
