Nigerian Economy: Inflation Rate Increases

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A weak exchange rate as well as a removal of subsidy payments have driven a rise in prices of general commodities as investors express concern over the state of the economy.

CPI index

The National Bureau of statistics has confirmed that the inflation rate in the country experienced yet another surge in the month of May. The figures show a 1.9 percent increase from 13.7% in the month of April.

SEE ALSO: President Buhari Reveals 3 Point Plan To Re-position The Economy

The increase in fuel price to N145 per liter has seen a directly proportional rise in food prices.

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