ABUJA —
Inflation, which has been in double digits in Africa's biggest economy since 2016, was at 18.60% year on year in June.
Along with continuing price hikes for food, fuel also remains at high cost despite some easing of the world petroleum market in July.
Nigeria's currency has been weakening on the parallel market since July 2021 due to a scarcity of foreign currency, contributing to rising inflation as the country imports many key goods and services.
Policymakers have said persistent inflationary pressures are structural and largely related to imports.
