Based on the CPI data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation eased by 75bps to 22.22% y/y in June (May: 22.97% y/y).
On a month-on-month basis, consumer prices increased to 1.68% (May: 1.53% m/m).
Food inflation increased by 83bps to 21.97% y/y in June (May: 21.14% y/y). On a month-on-month basis, food inflation rose by 107bps to 3.25% (April: 2.19% m/m), attributed to the rate of increase in the average prices of Green Peas (Dried), Pepper (Fresh), Shrimps (white dried), Crayfish, Meat (Fresh), Tomatoes (Fresh), Plantain Flour, Ground Pepper, etc.
Similarly, core inflation (all items excluding farm produce and energy) edged higher by 48bps to 22.76% y/y in June (May: 22.28% y/y).
On a month-on-month basis, the core index increased sharply by 136bps to 2.46% m/m (May: 1.10% m/m).