Inflation in Nigeria has been continually rising in the year 2023 as June marks the sixth month of the surge.
Nigeria’s inflation rose from 22.41% as at May to 22.79% in June putting pressure on the central bank to tighten policy further when it meets to set interest rates next week.
The meeting which will be the first after the expulsion of central bank governor Godwin Emefiele in June after promising a “thorough house cleaning” of monetary policy at his May inauguration.
Results indicated by data from Nigeria’s National Bureau of Statistics showed food inflation (NGFINF=ECI) was a key driver of the increase in the headline rate.
Food inflation accounts for the bulk of Nigeria’s inflation basket and rose to 25.25% in June from 24.82% in May.
Inflation took to double digits since 2016 and has eroded savings and incomes since then till date.
