Unconfirmed Reports Suggest July Inflation Rate Is Above 17%, Q2 GDP -2%

Unconfirmed reports reaching Nairametrics suggest that Nigerians are due for a double whammy of economic data when the Bureau of Statistics releases the GDP and Inflation report later this week.

According to sources, Nigeria’s inflation rate is likely to be above 17% for the month of July 2016. This will likely be the highest inflation rate since May 2005 when it was 16.82%.

Other reports also suggest that Nigeria is expected to confirm that we are in a recession when the data is released this week

According to sources,  second quarter  GDP could have plummeted to as low as -2% confirming that Nigeria is indeed in a deep recession

With inflation rates galloping and GDP contracting, Nigeria is now firmly in what is described as stagflation.
A stagflation by definition is when a country’s GDP growth is contracting and inflation rate is rising. It’s one of the most difficult economic situation a business can face.

The National Bureau of Statistics is expected to release its second quarter and July inflation results this week after a delay due to lack of funding.