World Economy

Nigeria Inflation Up

Nigeria Inflation UpNigeria Inflation Up

For the sixth consecutive time this year, the consumer price index in Nigeria, which measures inflation, rose hitting 17.1% year-on-year in July, representing 0.6% or 60 basis points increase over the 16.5% recorded in June, Kitco reported. CPI, the headline index, has maintained an upward streak since the beginning of this year as it rose by 0.9% to an 11-year high of 16.6% in June compared to 15.58% in May. The National Bureau of Statistics, which reeled out the figures recently, noted that “increases were recorded in all classification of individual consumption by purpose divisions, which contribute to the headline index reflecting higher prices across the economy.”