Nigeria’s inflation falls third consecutive month in June
Nigeria has seen a decrease in its headline inflation rate for the third consecutive month in June, which dropped to 22.22% year-on-year from 22.97% in May, as reported by the National Bureau of Statistics on Wednesday.Inflation in the most populous country in Africa reached heights not observed in 28 years last year, primarily due to policy measures implemented by President Bola Tinubu after he assumed office in 2023, such as abolishing expensive fuel subsidies and depreciating the naira currency.
The inflation rate experienced a significant decline in January when the statistical agency updated its base year and modified the item weights in the inflation basket, falling from 34.8% in December 2024 to 24.48% in January 2025. However, the rate of decline has progressively slowed since then.
Food inflation remained high, increasing slightly to 21.97% in June from 21.14% in May.
The central bank of Nigeria has maintained
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