Nigerian Inflation Rate Declines to 16.1% in June But Price of Bread, Fish, Potatoes Surge

Food inflation accelerated to 19.9 percent from 19.3 percent, driven by the cost of bread and cereals, meat, fish and potatoes as Nigeria’s inflation rate fell for a fifth consecutive in June.

Inflation eased to 16.1 percent from 16.3 percent in May, the National Bureau of Statistics said in its report released on Monday.

Inflation has been above the upper end of the central bank’s target band of 6 percent to 9 percent for two years.

Governor Godwin Emefiele kept the main policy rate at a record high of 14 percent since last July to fight price growth and support the naira even as the economy has contracted for five consecutive quarters.

The average gasoline price rose 1.2 percent in June from a year earlier compared with a 10.3 percent increase in May, the agency said.

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