According to the just-released June Inflation Data report by Nigeria’s National Bureau of Statistics (NBS), Nigeria’s inflation rate drops to 17.75% from 17.93% recorded in May.
The West African country has been experiencing a spike in inflation rate compounded by the economic effect of the COVID-19 pandemic following its border closures and fluctuating naira. The urban inflation rate reduced to 18.35% (year-on-year) in June 2021 from 18.51% recorded in May 2021, while the rural inflation rate stood at 17.16% in June 2021 from 17.36% in May 2021.
The decline in the rate of increase in the consumer price index indicates that the inflation rate in Nigeria might have peaked and is on its way downward signaling a steady path to recovery.
