Consumer prices rose 34.2% in June from 34% a month earlier.
Nigeria’s annual inflation quickened for an 18th straight month, raising the prospect of another interest-rate increase when the central bank meets next week. Consumer prices rose 34.2% in June from 34% a month earlier, according to data published on the website of the National Bureau of Statistics on Monday. The median estimate of eight economists in a Bloomberg survey was 34%. The main drivers of the acceleration were higher rental, transport and grain costs. Food inflation quickened to 40.
Central bank Governor Olayemi Cardoso has repeatedly stressed that policymakers are committed to defeating inflation, while suggesting last week that rates could come down in the not-too-distant-future if price pressures moderated. The monetary policy committee has raised interest rates by 14.75 percentage points since May 2022 to 26.25%. It is due to give its next rate decision on July 23. Still, inflation may start to ease in July.
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