Nigeria’s annual inflation rate climbed to a fresh 18-year high in June, after President Bola Tinubu scrapped fuel subsidies and allowed the currency to weaken before declaring a state of emergency to control the cost of staple foods.
Prices increased 22.79% in the year through June from 22.4% the previous month, according to the data published on the National Bureau of Statistics’ website.
The upswing was fueled by a 25.3% increase in food prices from 24.8% a month earlier and a slight uptick in core inflation to 20.3%. The median estimate of seven economists in a Bloomberg survey was 23%. Prices rose 2.1% in the month.
[Bloomberg]