Tougher times for consumers as inflation hits 16.5%

Ifeanyi Onuba, Abuja

The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation stating that the country’s inflation rate has risen from 15.6 per cent to 16.5 per cent in June.

The 16.5 per cent increase in inflation rate represents one of the highest increases to be recorded by the country in recent times.

The bureau attributed the rise in inflation to increase in prices of electricity, kerosene, furniture and furnishing materials, passenger transport by road, fuel and lubricants as well as transport equipment.

The inflation rate had been experiencing an upward swing within the last seven months, a development which analysts have described as worrisome.

The implication of the resurgence in inflation according to analysts is that consumers may experience more tougher times ahead owing to reduction in their purchasing power.

The NBS said, “In June, the Consumer Price Index which measures inflation continued to record relatively strong increases for the fifth consecutive month.

“The Headline index increased by 16.5 per cent (year-on-year), 0.9 percentage points higher from rates recorded in May (15.6 per cent).

“During the month, the highest increases were seen in the electricity, liquid if fuel (kerosene), furniture and furnishings, fuel and lubricants.”

Details later…