THE Consumer Price Index (CPI) measuring inflation in the Nigerian economy<\/p>\n
has risen to its highest point of 16.5 per cent since 2005.<\/p>\n
Report released by the National Bureau of Statistics (NBS) shows that
\ninflation for the month of June spiked to its highest point since October
\n2005 \u2014 11 years. Inflation rose from 15.6 percent in May 2016 to 16.5
\npercent in June 2016, as energy and food prices weigh in heavy on
\ninflation for the month.<\/p>\n
\u201cIn June, the Consumer Price Index (CPI) which measures inflation
\ncontinued to record relatively strong increases for the fifth consecutive
\nmonth. The Headline index increased by 16.5% (year-on-year), 0.9% points
\nhigher from rates recorded in May (15.6%),\u201d NBS said.<\/p>\n
\u201cMost COICOP divisions which contribute to the headline index increased at
\na faster pace, the increase was however weighed upon by a slower increase
\nin three divisions; Recreation & Culture, Restaurant & Hotels, and
\nMiscellaneous Goods & Services Year on year, energy prices, imported items
\nand related products continue to be persistent drivers of the core
\nsub-index.<\/p>\n
\u201cThe Core index increased by 16.2% in June, up by approximately 1.2%
\npoints from rates recorded in May (15.1%). During the month, the highest
\nincreases were seen in the electricity, liquid Fuel (kerosene), furniture
\nand furnishings, passenger transport by road, fuels and lubricants for
\npersonal transport equipment.\u201d<\/p>\n
Asides farm produce, the core sub-index increased by 16.2% in June
\n(year-on-year), up approximately by 1.2% points from 15.1% recorded in
\nMay.<\/p>\n
\u201cThe Core sub-index has increased at a faster pace for five consecutive
\nmonths. Over the first six months of the year, the Core subindex increased
\nby 12.8%, up 5.2% points from rates recorded in the corresponding period
\nin 2015.\u201d<\/p>\n
Inflation has increased consistently since October 2015, with the change
\nin exchange rate policy, in the latter part of June expected to weigh in
\non inflation for the month of July.<\/p>\n
Goldman Sachs, an American multinational banking and investment firm,
\nforecasts that Nigeria\u2019s inflation will not rise above 20 percent in 2016,
\nbefore it takes retreats to lower levels.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE Consumer Price Index (CPI) measuring inflation in the Nigerian economy has risen to its highest point of 16.5 per cent since 2005. Report released by the National Bureau of…<\/p>\n","protected":false},"author":1,"featured_media":51269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-51268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n