July 17, 2024/United Capital Research

The June-2024 Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) revealed that the Nigeria’s headline inflation rose by 34.19% y/y, up 0.24ppts from 33.95% y/y in May-2024, and up 11.4ppts from 22.79% y/y in Jun-2023.

This represents 18 consecutive months of quickening inflation, raising the prospect of another benchmark rate hike next week. On a month-on-month basis, inflation rose 2.31% in June from 2.14% in May, bucking the trend of 3 consecutive months of falling month-on-month inflation.

Please Click Here for the NBS report.