Inflation slows in June, but still above 16% Vows severe punishments

Annual inflation in Nigeria
eased for a fifth straight month in
June, slowing to 16.1 percent, the
National Bureau of Statistics, NBS,
said on Monday.
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.
Nigeria is in its second year of
recession and is contending with a
currency crisis and dollar shortages
brought on by low oil prices, which
is the OPEC member’s mainstay.

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