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Trouble looms as Nigeria's interest rate hits 15.6%

15 June 2016, 08:41

Abuja - Nigeria's inflation rate has hit an 80-month high at 15.6%, causing widespread concern.

According to a Naij report, the rise comes as a result of the deregulation of the downstream sector of the oil industry which saw petrol increase from N87 to N145 per litre.

The National Bureau of Statistics (NBS) revealed that May's inflation rate compared to that of April is an indication of an overall rise in the general price level across the economy, thereby contributing to fast-paced growth in the Headline index.

Also read: Bayelsa, Niger pays highest price for petrol

"In May, the Consumer Price Index which measures inflation recorded a relatively strong increase for the fourth consecutive month.

"The Headline index increased by 15.6 per cent year-on-year, 1.9 per cent points higher from rates recorded in April 13.7 per cent," a report from the NBS stated.

The last time Nigeria reportedly saw inflation hit 15.6% was in September 2009 when inflation was pitted at 15.86%, Leadership reports.

Read more at Naij

- News24


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