By Obianuju Uzukwu
Nigeria’s inflation rate continued its downward trajectory in June, easing to 22%the third straight month of moderation, according to the latest data released by the National Bureau of Statistics (NBS). The sustained decline offers a glimmer of relief for consumers and policymakers alike, as the economy grapples with lingering effects of subsidy removal, forex volatility, and high food prices.
The report indicates a deceleration in both food and core inflation, suggesting that recent fiscal and monetary interventions may be beginning to yield results. However, analysts caution that the headline figure remains significantly above the Central Bank’s target range, underscoring the need for sustained reforms to tame inflationary pressures in the months ahead.
That may push the case for policymakers to again keep borrowing costs unchanged as they wait to see if the trend holds.
Policymakers at the central bank will likely leave rates steady at 27.5% for a third straight time on July 22, as they await more “evidence of a durable trend – that inflation is continuing to cool,” Yvonne Mhango Africa Economist for Bloomberg Economics, said.
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