Nigeria: inflation falls slightly for third month straight, crisis not over

It's a small silver lining, at least on paper: Nigeria's headline inflation rate fell for the third month straight in June, according to data from the country's national statistics agency released on Wednesday.

The rate slowed down to 22.22% in June year-on-year from 22.97% in May.

This comes after inflation last year rose to record peaks, worsening the country's ongoing cost-of-living crisis.

The rate at which inflation has been falling has however recently slowed down and the prices of food and commodities in particular are putting a strain on many Nigerian's incomes. Many felt the pressure from inflation on ram prices during last month's Eid celebrations. And protests in major cities in June to mark 26 years of uninterrupted democracy in Nigeria also addressed the cost-of-living crisis, a pressing issue for many citizens.

The inflation rate for food increased slightly to 21.97% in June compared to the previous month.

A sign that the economic tension in the country is far from over.