Nigerian inflation rises for 10 months in a row in June

PUBLISHED: Fri, 17 Jul 2020 12:05:01 GMT

LAGOS (Reuters) – Annual inflation in Nigeria rose for a 10th straight month in June, lifted by higher food and healthcare costs, the statistics office said on Friday, as the coronavirus pandemic disrupted logistics.

Inflation climbed to 12.56%, its highest level in more than two years, from 12.4% in May, the National Bureau of Statistics said.

A separate index for food, which accounts for the bulk of the inflation basket, showed a price increase of 15.18% from 15.04% in May.

Nigeria has more than 34,000 confirmed cases of coronavirus and 76 deaths. Most cases are in urban areas, where the brunt of price increases is felt, especially for imported drugs and food.

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.