Nigeria: Inflation is stable in June
Latest reading: Consumer prices were up 15.9% on a year-on-year basis in June, stable from the prior month’s reading.
Relative to the prior month’s data, there were higher price pressures for food and non-alcoholic beverages (+18.3% on a year-on-year basis vs +17.8% in May) and housing and utilities (+11.2% vs +9.8% in May). In contrast, there were reduced price pressures for clothing and footwear (+6.4% vs +6.8% in May) and transport (+15.6% vs +17.1% in May).
Meanwhile, core consumer prices increased 15.4% in annual terms in June, following a 15.8% rise in the prior month.
Finally, consumer prices increased 1.66% in June in month-on-month terms, following a 1.75% rise in the prior month.