Nigeria’s June CPI inflation surpasses c-bank target for first time since April 2013

By bne IntelliNews July 15, 2015

Nigeria’s annual consumer price inflation accelerated for the seventh straight month in June, exceeding the central bank’s 6%-9% target band for the first time in 26 months, data from the country’s National Bureau of Statistics (NBS) showed. Higher food prices and irregular fuel supply pushed up June’s inflation to 9.2% from 9.0% in May.

The annual food inflation (measured by the food sub-index, which includes farm produce and processed food) rose to a 10-month high of 10% last month from 9.8% in May.

The annual core inflation, which excludes the prices of volatile agricultural products, edged up to a 28-month high of 8.4% from 8.3% in May, “with the highest pressures observed in the pressures observed in the Transportation, Education and Miscellaneous Good and Services divisions”, the NBS said.

Nigeria’s monthly inflation slowed to 0.9% in June from 1.1% in May, with core inflation decelerating to 0.8% from 1.2% and food inflation staying flat at 1.1%.

The average inflation for the 12-month period to end-June was 8.4%, with average food and core inflation at 9.5% and 7.0%, respectively.

In its latest monetary policy statement from May 19, Nigeria’s central bank noted that the drivers of inflation where to a large extend of transient nature and so outside the direct control of monetary policy. Thus, “the space for manoeuvre remains constrained, necessitating the intervention of fiscal and structural policies to stimulate output growth,” it said. The bank's next rate setting meeting is scheduled for July 20-21.

Related Articles

UK’s Vedanta Resources to invest $1bn in Zambian copper mine

The UK-listed diversified resource and mining company Vedanta Resources will invest $1bn in its Zambian mining unit Konkola Copper Mines (KCM), creating 7,000 jobs, the mining firm said in a ... more

Almaty cost of living lowest among major cities

Kazakhstan’s largest city and business centre Almaty has dropped to last place on the Economist Intelligence Unit’s bi-annual ranking of the ... more

AB InBev sells 54.5% stake in African Coke bottling business for $3.15bn

Anheuser-Busch InBev will sell a 54.5% stake in Africa's largest Coke bottler to Coca-Cola Company for $3.15bn, the two companies said in a joint statement on December 21. The deal is expected to ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss