Nigeria inflation up slightly to 22.79% y/y in June

Nigeria’s annual inflation rose slightly to 22.79% in June from 22.41% in May, its bureau of statistics said on Monday.

Inflation has been in double-digits in Africa’s biggest economy since 2016, eroding savings and incomes, and prompting the central bank to hike interest rates to their highest level in nearly two decades.

Under new president Bola Tinubu Nigeria has embarked on its boldest reform agenda in decades, including the removal of a popular but costly petrol subsidy and restrictions on foreign exchange trading, a gamble by Tinubu to try boost sluggish economic growth.

Source: Reuters