Tougher times for consumers as inflation rises to 16.5%

The result of the Consumer Price Index released on Monday by the National Bureau of Statistics has shown that the nation's inflation rate has risen from 15.5% in May to 16.5% in June. And this is reported to be one of the highest increase seen by the country in recent times. Increase in electricity, kerosene, furniture, furnishing materials,fuel, passenger transport by road and others have been attributed as the cause of the inflation. According to the PUNCH, there has been an increase in inflation within the last seven months and analysts described it as worrisome. Mr Femi Ademola, the Executive Director, Corporate Finance BGL Capital Limited, blamed lack of infrastructure to be the cause of inflation facing the nation right away. He therefore called on the ministry of finance and the economic management team to bring  favourable fiscal policies that would help in addressing the infrastructural challenges facing the nation.