In line with analysts’ forecast, Nigeria’s headline inflation soared to its highest level in two years, at 12.56 percent in June.
Inflation has now increased for the tenth consecutive month.
According to data released on Friday by the National Bureau of Statistics, it is the highest point reached since March 2018 when inflation was at 13.34 percent.
According to the statistics agency, inflation is largely due to the impact of restrictions on access to foreign exchange and continued border closures.
While core inflation rose to 10.13 percent, food inflation jumped to 15.18 percent due to steady increases in prices of basic foodstuff.
Urban and rural inflation also rose to 13.18 percent and 11.99 percent accordingly.
With the latest increases, all eyes are now set on the Central Bank’s next move, ahead of its Monetary Policy Committee meeting on Monday.