Nigeria’s annual inflation still above 16% despite easing for fifth consecutive time
- July 20, 2017
The most populated country of the second most populated continent in the world bears the burden of a staggering economy. Nigeria, which is in its second year of recession is contending with a currency crisis and dollar shortages brought on by low oil prices.
Though the turbulent times seem to be improving for the West African nation as annual inflation eased for a fifth straight month in June, slowing to 16.1%, as per the National Bureau of Statistics.
A separate food price index showed inflation at 19.91 percent, up from 19.27 percent in May, indicating continued pressure on food prices, the NBS said in a report.
Annual inflation slowed in May to 16.25 percent. It recorded its first recent slowing in February.