Consumer Inflation rises to 12.9 percent

Nigeria’s Consumer Price Inflation for the month of June rose marginally by 0.2 percent to 12.9 percent on persistent increase in the prices of some … Continue reading Consumer Inflation rises to 12.9 percent


anambra state, market relocation, food traders
The vibrant Bodija Market before the violence.

Nigeria’s Consumer Price Inflation for the month of June rose marginally by 0.2 percent to 12.9 percent on persistent increase in the prices of some farm produce and an increase in electricity tariff.

The vibrant Bodija Market before the violence.

Statistics from the National Bureau of Statistics on Wednesday showed consumer price inflation rose from 12.7 percent in May, while food price inflation eased to 12 percent.

Core inflation, which excludes volatile agricultural produce, remained high, rising to 15.2 percent from 14.9 percent in May.

Analysts expect the Central Bank of Nigeria (CBN) to hold interest rates steady at 12 percent as it holds its Monetary Policy Committee meeting next week since the regulator wants consumer price inflation in single digits even though it expects headline figure to peak at around 14 percent later this year.