By Chuka Odittah Abuja
Economist blames high interest rates, cost of production, naira depreciation
The National Bureau of Statistics (NBS) yesterday said that January inflation rate rose to18. 72 per cent, indicating a year-on-year rise pattern since 2016


The details of the NBS Consumer Price Index (CPI) for January made available to The Guardian yesterday indicated that the inflation rate is higher than that of December 2016 by 0.17 per cent at 18.55 per cent.
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NBS added that communication and restaurants and hotels again recorded the slowest pace of growth in January, growing at 5.1 percent and 8.4 percent (year-on-year) respectively.

According to the data, faster headline inflation, were noticed on food items such as bread and cereals, meat, fish.
Others are oils and fats, potatoes, yams and other tubers, wine and spirits, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road were increased.

On a month-on-month basis, the data showed that headline inflation was driven by passenger transport by air, fuels and lubricants for personal transport equipment, liquid fuels, cooking gas, oils and fats, fruits, milk, cheese and eggs, fish, meat and bread and cereals.
Also, the NBS transport fare watch for January 2017 covering road, water, transportation, indicated that states with highest bus journey within city in January 2017 were Abuja, which charged up to N4, 960, followed by Adamawa, which charged N3, 500.45 and Lagos, which charged as much as N2, 207.14.

President of the Nigerian Society of Economists (NSE), Prof Ben Aigbokan, said the situation requires strong government approach.

Source @http://www.nairausd.com/2017/02/food-transport-prices-rise-as-inflation.html

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More excuse from the government. Watch out

Economist blames high interest rates, cost of production, naira depreciation........but I've said it and maintained that no economist had managed monitary tender above inflation and Nigeria economist can't do either!
so time tender is only option availabe on the table to revamp Nigeria economy!
the higher inflation means low patronage in business, services, and labour because you must increase you earning to survive.
why Nigerian economist turn deaf hear to my theory? (Time tender)