Nigeria's economy at an alarming state as full blown recession as inflation hits 16.5%, highest in 17 Years

The consumer price index (CPI) measuring inflation in the Nigerian economy rose to its highest point since former President Olusegun Obasanjo’s days as the first citizen of Nigeria.

The inflation report released by the National Bureau of Statistics (NBS) shows that inflation for the month of June spiked to its highest point since October 2005 — 11 years.

Inflation rose from 15.6 percent in May 2016 to 16.5 percent in June 2016, as energy and food prices weigh in heavy on inflation for the month.
Goldman Sachs, an American multinational banking and investment firm, forecasts that Nigeria’s inflation will not rise above 20 percent in 2016, before it takes retreats to lower levels

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