World Economy

Nigeria Inflation Rises to 9%

Nigeria Inflation Rises to 9%Nigeria Inflation Rises to 9%

The consumer price index, which measures inflation, rose to 9% in May compared to 8.7% in the previous month, according to the National Bureau of Statistics, NewsNow reported. This is coming on the heels of the disbursement of N6.9 billion ($34.7 million) to seven power firms by the Central Bank of Nigeria in a sustained effort to improve on electricity generation in the country. According to the latest CPI figures released Friday, the food sub-index rose by 9.8% (year-on-year) in May, up by 0.3 percentage points from 9.5% in April.