In May, the United States saw inflation ease to 3.4% from 3.6% in April, according to the US Bureau of Statistics. Meanwhile, the Financial Derivatives Company Limited (FDC) projected that Nigeria’s inflation would climb further to 34% from 33.69% the previous month.
FDC’s forecast, detailed in their recent Lagos Business School Executive Breakfast Presentation for June, anticipates both headline and food inflation in Nigeria rising to 34% and 41%, respectively, marking the 17th consecutive month of increases. This trend is expected despite the forthcoming release of May CPI and inflation data by Nigeria’s National Bureau of Statistics on June 15th.
The persistent inflationary pressures are likely to prompt the Central Bank of Nigeria’s Monetary Policy Committee (MPC) to maintain its current policy stance at its upcoming July meeting.
