Nigeria Inflation 16.5% in June, Highest in Almost 11 Years
- Central bank to announce interest-rate decision on July 26
- Africa’s largest economy may contract this year, IMF says
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Nigerian inflation accelerated to the highest rate in almost 11 years in June, complicating the task of the central bank in an economy which is at risk of contracting this year.
The inflation rate in Africa’s largest economy increased to 16.5 percent from 15.6 in May, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Monday. That’s the highest rate since October 2005, according to data on the Central Bank of Nigeria’s website. Prices rose 1.7 percent in the month. The median of seven economist estimates compiled by Bloomberg was for inflation to quicken to 16.2 percent.