LAGOS, July 15 – Nigeria’s annual inflation rate remained unchanged at 15.9% in June, surprising economists who had expected consumer price growth to accelerate amid renewed geopolitical tensions in the Middle East.
According to data released by the National Bureau of Statistics (NBS), consumer prices rose 15.9% year-on-year, matching the inflation rate recorded in May. Economists surveyed by Bloomberg had projected inflation would edge higher to 16.3%.
On a month-on-month basis, inflation eased slightly, with consumer prices increasing 1.66% in June compared with 1.75% in May, suggesting that the pace of price increases moderated during the month.
The latest figures come as policymakers and investors monitor the potential impact of renewed hostilities in the Middle East, which have raised concerns about higher global energy costs and their possible spillover effects on domestic inflation.
Although inflation remained stable in June, rising geopolitical risks could place renewed pressure on fuel prices, transportation costs and imported goods in the coming months, potentially complicating Nigeria’s efforts to maintain price stability.
The inflation data will be closely watched by the Central Bank of Nigeria (CBN) as it assesses the country’s inflation outlook and considers the appropriate monetary policy stance amid evolving global and domestic economic conditions.
