The Nigeria inflation seems to be flying more than the air force, and the country has not experienced such inflation in 11 years. The consumer price index (CPI) used to measure inflation in the country has risen to 16.5 percent.
According to a report released by the National Bureau of Statistics (NBS) shows that the month of June has recorded the highest spike in 11 years, the inflation had rose from 15.6 in May 2016 to 16.5 in June 2016.
The Bureau said;
In June, the Consumer Price Index (CPI) which measures inflation continued to record relatively strong increases for the fifth consecutive month. The Headline index increased by 16.5% (year-on-year), 0.9% points higher from rates recorded in May (15.6%).
Most COICOP divisions which contribute to the headline index increased at a faster pace, the increase was however weighed upon by a slower increase in three divisions; Recreation & Culture, Restaurant & Hotels, and Miscellaneous Goods & Services Year on year, energy prices, imported items and related products continue to be persistent drivers of the core sub-index
The Core index increased by 16.2% in June, up by approximately 1.2% points from rates recorded in May (15.1%). During the month, the highest increases were seen in the electricity, liquid Fuel (kerosene), furniture and furnishings, passenger transport by road, fuels and lubricants for personal transport equipment.
Inflation has been on the increase since October 2015with the rate in exchange policy. Goldman Sachs, an American multi-national forecasted inflation won't rise past 20% in 2016, but it takes retreats to lower levels.