Nigeria’s Inflation still above 16 percent, slows in June – NBS

Further Rise in Inflation Imminent

The National Bureau of Statistics (NBS) on Monday said annual inflation in Nigeria slowed for a fifth straight month in June, slowing to 16.1 percent.

A separate food price index showed inflation at 19.91 percent, up from 19.27 percent in May, indicating continued pressure on food prices, the NBS said in a report.

FINANCIAL WATCH reports that annual inflation slowed in May to 16.25 percent. It recorded its first recent slowing in February.

Nigeria is in its second year of recession and is contending with a currency crisis and dollar shortages brought on by low oil prices, which is the OPEC member’s mainstay.