Further Hurts Inflation Imminent in Nigeria as Economy Boom

Economists are predicting a further inflation in goods and services in Nigeria which could lead to a more difficult crisis.

 

Following the rise in the Consumer Price Index (CPI), which measures inflation for three consecutive months to 12.8 percent in March, experts have cautioned that the index is likely to maintain its upward trend in April.

The headline index had increased to 11.4 per cent in February from 9.6 percent in January, according to the National Bureau of Statistics (NBS).

The latest increase had been blamed on an increase in the prices of goods and services across the country, the highest year-on-year rise since July 2012.

The statistical agency also pointed out that the planting season, transportation costs as well as foreign exchange movements contributed significantly in the upward movement witnessed on the food index in March.