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Nairaland Forum / Nairaland / General / Politics / Nigerian Inflation Hit Near Six-year High In April (492 Views)
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Nigerian Inflation Hit Near Six-year High In April by femiakinbully(m): 2:28pm On May 16, 2016 |
LAGOS (Reuters) - Annual inflation in Nigeria rose to a near six-year high of 13.7 percent in April, in part due to rising petrol and electricity prices, the National Bureau of Statistics (NBS) said on Monday. Africa's biggest economy is facing its worst crisis in decades, driven by a sharp drop in crude prices that has slashed government revenues and weakened the naira currency. Gross domestic product growth was just 2.8 percent last year, its lowest rate in decades. NBS said the higher inflation rate in April reflected increases across all sectors, with petrol prices and electricity tariffs major factors. March inflation was 12.8 percent. Food prices, which account for the bulk of the inflation basket, rose 13.2 percent in April, up 0.4 percentage points from March, the bureau said on its website. Inflation has also been fuelled by pressure on the naira, which on Monday slipped to its weakest level in months against the dollar in the non-deliverable forward market. Speculation that the central bank will soon devalue the currency - which the bank denied on Sunday - has swirled since the vice president last week said foreign currency policies needed to be changed to encourage investment. http://af.reuters.com/article/investingNews/idAFKCN0Y70YI?utm_content=bufferd5838&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
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Re: Nigerian Inflation Hit Near Six-year High In April by huntila(m): 2:33pm On May 16, 2016 |
Jesus take the wheel. Help us help ourselves |
Re: Nigerian Inflation Hit Near Six-year High In April by chriskosherbal(m): 2:33pm On May 16, 2016 |
Lord we need your guidance. |
Re: Nigerian Inflation Hit Near Six-year High In April by TonyeBarcanista(m): 2:40pm On May 16, 2016 |
Buhari is determined to wreck Nigeria's economy 2 Likes |
Re: Nigerian Inflation Hit Near Six-year High In April by Nobody: 2:43pm On May 16, 2016 |
Amazing rise, at least, we would have a parallel market for inflation soon. Those that use fuel and get power from grid and the others ![]() |
Re: Nigerian Inflation Hit Near Six-year High In April by youngeagle(m): 3:06pm On May 16, 2016 |
And some Zombies will come here and say give him time..that dullards needs to resign simple. 1 Like |
Re: Nigerian Inflation Hit Near Six-year High In April by vicado74: 3:14pm On May 16, 2016 |
I pray everyday for this Nation .... ![]() |
Re: Nigerian Inflation Hit Near Six-year High In April by omobola2olejiya: 3:49pm On May 16, 2016 |
hmn BUHARIIII ! |
Re: Nigerian Inflation Hit Near Six-year High In April by aigbochie11: 4:12pm On May 16, 2016 |
Nigeria !!! |
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