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Nigerian Inflation Rate Rises to Two-Year High on Food

  • Consumer prices increased 12.6% in June from a year earlier
  • Food inflation quickened as naira, border closures push prices
Corrected

Nigerian inflation accelerated for the 10th straight month in June as restrictions on access to foreign exchange and continued border closures drove up prices.

Consumer prices climbed 12.6% from a year earlier, compared with 12.4% in May, Abuja-based National Bureau of Statistics said in a report published Friday on it website. That matched the median of four economists’ estimates in a Bloomberg survey. Costs rose 1.2% in the month.