Hopes of Nigerians smiling anytime soon may have been dashed if information recently released by the National Bureau of Statistics, NBS, is anything to go by.
The NBS on Monday released the Consumer Price Index which measures inflation.
According to the graph released by the agency, the country’s inflation rate has risen from 15.6 per cent in June to 16.5 per cent in July.
It was revealed that the 16.5 per cent increase in inflation rate represents one of the highest increases to be recorded by the country in recent times.
This shows that the buying power of consumers in the country is getting worse and until the government does something fast, the present situation may be better than what lies ahead.
Here is a graphic representation of the rise and the implication.
