National Bureau of Statistics says Nigeria’s inflation rate increased to 18.72 percent in January 2017 from 18.55 percent in December 2016..
According to the Bureau, the Consumer Price Index, which measures inflation increased by 18.72 per cent year-on-year in January 2017, 0.17 percentage points higher from the rate recorded in December.
A research Analyst with investment one financial services Limited, Ayodeji Dawodu disclosed that there is need for government to take urgent steps in addressing this trend in a bid to make life bearable for Nigerians.
Although Dawodu warns that the continued increase in inflation rate is a bad omen for the country economy, he enphasised the need for Nigerians to look inward in a bid to reduce dependence on foreign good.
