June Inflation Report

Higher inflation typically lowers peoples’ purchasing power, meaning you buy fewer quantity of goods and services because your money has lost some real value. For instance, the NGN100,000 in your bank account is now worth NGN81,400 in real terms, resulting in a loss of NGN18,600 in purchasing power. It appears inflationary pressures are unrelentless, as such, leaving your money in the bank account that earns near zero interest rates makes you worse off.