It stated: “The marginal increase was as a result of slower increases in
alcoholic beverages, tobacco and kola, health, transport and recreation and
culture divisions. On a month-on-month basis, the pace of increases of food
prices has slowed, contributing to the relatively slower (overall)pace of
increases.”
Nigeria’s
inflation rate rose above the central bank’s upper limit of 9 per cent in June
and is at the highest level since February 2013.
The Africa’s
biggest oil producer has been hit hard by the slump in global crude prices,
which has sent its currency, the naira, spiralling. The central bank has
imposed increasingly stringent foreign exchange measures to prop up the naira
but investors are losing confidence.
National GDP
more than halved in the second quarter year-on-year and JP Morgan said it would drop Nigeria from its influential emerging
market bonds index last week due to foreign exchange controls.
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