Nigeria Rein in Inflation as Headline Inflation Fell for Third Month Consecutive

(3 Minutes Read)

The rate at which inflation has been falling has, however, recently slowed down, and the prices of food and commodities in particular are putting a strain on many Nigerians’ incomes.

Nigeria’s headline inflation rate fell for the third month in June, according to data from the country’s national statistics agency recently. The rate slowed to 22.22% in June year-on-year from 22.97% in May.

This comes after inflation last year spiked to record peaks, worsening the country’s ongoing cost-of-living crisis. The rate at which inflation has been falling has, however, recently slowed down, and the prices of food and commodities in particular are putting a strain on many Nigerians’ incomes.

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The inflation rate for food increased slightly to 21.97% in June compared to the previous month. A sign that the economic tension in the country is far from over. The outlook is negative, quite literally.