Nigeria: Inflation hits highest level since March 2018
July 16, 2020
Consumer prices rose 1.21% in June over the previous month, marginally above May's 1.17% increase. June's result was the sharpest increase in prices since June 2018 and was largely driven by rising prices for food.
Inflation rose from May’s 12.4% to 12.6% in June, the highest reading since March 2018. Consequently, it moved further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 11.9% in June (May: 11.8%).
Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.86% month-on-month in June, below May’s 0.88% increase. Core inflation held steady at the previous month’s 10.1%.
Author: Javier Colato, Economist