Nigeria’s inflation rises for 10 months in a row in June

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Annual inflation in Nigeria rose for a 10th straight month in June, lifted by higher food and healthcare costs, the statistics office said on Friday, as the coronavirus pandemic disrupted logistics.

Inflation climbed to 12.56%, its highest level in more than two years, from 12.4% in May, the National Bureau of Statistics said.

A separate index for food, which accounts for the bulk of the inflation basket, showed a price increase of 15.18% from 15.04% in May.

Nigeria has more than 34,000 confirmed cases of coronavirus and 76 deaths. Most cases are in urban areas, where the brunt of price increases is felt, especially for imported drugs and food.

Nigeria’s central bank meets early next week to set interest rates.

Source: reuters.com

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