Nigeria’s Inflation Rises To 12.4 per cent

Food inflation rose to 15.04 per cent, the highest rate since March 2018.

Dr. Yemi Kale is the Statistician General of the National Bureau of Statistics of Nigeria / Photo credit: stearsng.com
Dr. Yemi Kale is the Statistician General of the National Bureau of Statistics of Nigeria / Photo credit: stearsng.com

Data released by the National Bureau of Statistics (NBS) shows that the consumer price index, (CPI) which measures inflation increased by 12.40 per cent (year-on-year) in May 2020.

This is 0.06 per cent points higher than the rate recorded in April 2020 (12.34) per cent.

Increases were recorded in all Classification of Individual Consumption by Purpose(COICOP) divisions that yielded the Headline index.

Food inflation rose to 15.04 per cent, the highest rate since March 2018.

On month-on-month basis, the Headline index increased by 1.17 per cent in May 2020, this is 0.15 per cent rate higher than the rate recorded in April 2020 (1.02) per cent

The percentage change in the average composite CPI for the twelve months period ending May 2020 over the average of the CPI for the previous 12 months period was 11.79 per cent, showing 0.08 per cent point from 11.71 per cent recorded in April 2020.

On a month-on-month basis, the urban index rose by 1.18 percent in May 2020, up by 0.12 points from 1.06 percent recorded in April 2020, while the rural index also rose by 1.16 per cent in May 2020, up by 0.18 points from the rate recorded in April 2020 (0.90 per cent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 12.36 per cent in May 2020.

This is higher than 12.26 per cent reported in April 2020, while the corresponding rural inflation rate in May 2020 is 11.26 percent compared to 11.20 per cent recorded in April 2020.

Written by The Interview Editors

The Interview is a niche publication, targeting leaders and aspiring leaders in business, politics, entertainment, sports, arts, the professions and others within society’s upper middle class and high-end segment in Nigeria.

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