Nigeria's inflation rate rose to 16.5 percent in June, the
highest rate recorded in the country in 11 years.
The Consumer Price Index (CPI), which measures inflation,
released yesterday by the National Bureau of Statistics (NBS) indicated
inflation rate rose from 15.6 per cent recorded in May to 16.5 percent in June.
The latest inflation rate is the highest recorded in Nigeria
since June 2005 and the NBS blamed it on rising prices of energy and
skyrocketing prices of imported items.
"During the month, the highest increases were seen in
the electricity, kerosene, furniture, furnishings, passenger transport by road,
fuels and lubricants for personal transport equipment," the report revealed.
A separate report on petrol price released yesterday by the
NBS showed that Nigerians bought petrol at an average price of N149 per litre
in June, which was higher than the N145 per litre approved by the federal
government and higher than the N145 per litre Nigerians reportedly bought the
product in May.
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