Nigeria inflation slows down in June, yet above 16 percent

The National Bureau of Statistics (NBS) on Monday said annual inflation in Nigeria has eased to 16.1 percent.

NBS report also claims that a separate food price index showed inflation at 19.91 percent, up from 19.27 percent in May, indicating continued pressure on food prices.

Annual inflation recorded its first recent slowing in February while inflation further slowed in May to 16.25 percent.

Nigeria has been battling recession for two years, and is contending with a currency crisis with dollar shortages resulting from low oil prices, which is the OPEC member’s mainstay.

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