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Economic crisis deepens as inflation rises to 17.6 percent

16 September 2016, 21:30

Abuja - The National Bureau of Statistics has said the Consumer Price Index which measures inflation increased year-on-year from 17.1 per cent in July to 17.6 per cent in the month of August.

Data released by the NBS late in August had showed that the CPI rose by 0.6 percentage points from 16.5 per cent in June to 17.1 per cent in July.

The bureau had in its August report attributed the increase to high energy prices which it added impacted negatively on the index.

Also read: Okonjo-Iweala gives Buhari tips on solving economic crisis

It said despite the fact that the country was in a period of harvest, it had yet to feel the impact as food prices was still on the increase.

“In July the Consumer Price Index which measures inflation increased by 17.1 per cent (year-on-year), 0.6 percentage points higher from the rate recorded in June (16.5 per cent),” the report had read in part.

“The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions; health, transport and recreation and culture divisions.”

- News 24


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