Nigeria: Inflation eases in June
July 15, 2019
Consumer prices rose 1.07% on a month-on-month basis in June, down slightly from May’s 1.11% climb, which had marked the sharpest increase in nearly a year. The moderation was chiefly driven by slower growth of food prices.
Inflation edged down from 11.4% in May to 11.2% in June, remaining well above the Central Bank’s target range of 6.0%–9.0%.
Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.85% month-on-month in June, above May’s 0.75% increase. In contrast, core inflation edged down to an over three-year low of 8.8% in June (May: 9.0%).
Author: Javier Colato, Economist