Categories: Business

Inflation Rise To Highest In Two Years

 

In line with analysts’ forecast, Nigeria’s headline inflation soared to its highest level in two years, at 12.56 percent in June.

Inflation has now increased for the tenth consecutive month.

According to data released on Friday by the National Bureau of Statistics, it is the highest point reached since March 2018 when inflation was at 13.34 percent.

According to the statistics agency, inflation is largely due to the impact of restrictions on access to foreign exchange and continued border closures.

While core inflation rose to 10.13 percent, food inflation jumped to 15.18 percent due to steady increases in prices of basic foodstuff.

Urban and rural inflation also rose to 13.18 percent and 11.99 percent accordingly.

With the latest increases, all eyes are now set on the Central Bank’s next move, ahead of its Monetary Policy Committee meeting on Monday.

Ignatius Igwe

Disqus Comments Loading...

Recent Posts

  • Sports

Lampard Hails Chelsea’s ‘Character’ After FA Cup Semi-Final Success

  Frank Lampard saluted Chelsea's "character and personality" as they powered into the FA Cup final with a 3-1 win…

33 mins ago
  • World News

Macron Clashes With Rutte And Kurz At EU Summit

  Tempers flared as the deadlocked EU coronavirus summit rolled over from Sunday into Monday, with French President Emmanuel Macron…

59 mins ago
  • Sports

Real Madrid Draw Relegates Leganes And Messi Claims Golden Boot

  Newly-crowned La Liga champions Real Madrid dropped points for the first time since the season's restart on Sunday in…

1 hour ago
  • Sports

Inter Held At Roma To Leave Juventus Closer To Serie A Title

  Inter Milan missed a chance to keep the pressure on Juventus after being held 2-2 at Roma on Sunday,…

1 hour ago
  • World News

Mexican President Mourns 39,000 Virus Dead

  Mexican president Manuel Lopez Obrador on Sunday vowed to improve health standards in the nation, which has the fourth-highest…

1 hour ago
  • Coronavirus

US Records 63,872 New Virus Cases In 24 Hours – Johns Hopkins

  The United States on Sunday recorded 63,872 new coronavirus cases in the previous 24 hours, Johns Hopkins University reported…

1 hour ago