Nigeria’s annual inflation rate has accelerated for the 18th consecutive month, raising concerns about a potential interest-rate increase by the central bank in its upcoming meeting.

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Consumer prices rose to 34.2% in June from 34% in May, according to data published by the National Bureau of Statistics on Monday. This figure matched the median estimate of eight economists surveyed by Bloomberg.

The primary factors contributing to this acceleration were higher costs for rent, transportation, and grains. Food inflation increased to 40.9% in June from 40.7% in May, while core inflation, which excludes agricultural produce and energy, rose to 27.4% from 27%.

Central Bank Governor Olayemi Cardoso has emphasized the commitment to curbing inflation, hinting last week that interest rates might be reduced in the future if price pressures ease.

Since May 2022, the monetary policy committee has raised interest rates by 14.75 percentage points to 26.25%. The next rate decision is scheduled for July 23.

There is hope that inflation may begin to decline in July. The effects of last year’s reduction in gasoline subsidies and currency devaluation on inflation are expected to diminish. Additionally, the suspension of import duties on certain food staples should help lower costs.

Farmers in Nigeria’s central region have reported a surplus in the harvest of Irish and sweet potatoes, causing the price of a 65-kilogram bag to drop by a third to 45,000 naira ($28).