Nigeria’s Inflation Rises To 12.4% In May

The CEO of the Nigerian National Bureau of Statistics, Dr. Yemi Kale released Nigeria’s inflation figures for the month of May on Wednesday.

May 2020 CPI/Inflation report published @ https://t.co/Jf12yXCbOF

YEAR on YEAR:
Headline Inflation at 12.40% in May 2020 from 12.34% in April 2020. Food inflation at 15.04% in May 2020 from 15.03% in April 2020. Core Inflation at 10.12% in May 2020 from 9.98% in April 2020 pic.twitter.com/prQEc2tH2Z

— Dr Yemi Kale (@sgyemikale) June 17, 2020

Headline Inflation rose to 12.40% in May from 12.34% in April while food inflation rose to 15.04% compared to 15.03% the previous month.

Actual core inflation was at 10.12% compared to 9.98% in April.

Nigeria’s food inflation at 15.04% is the highest it has been since March 2018. the total inflation rate rose for the 9th straight month.

Inflation costs rose to 1.17% a month.

May 2020 CPI/Inflation report published @ https://t.co/Jf12yXCbOF

MONTH ON MONTH:
Headline Inflation at 1.17% in May 2020 from 1.02% in April 2020. Food inflation at 1.42% in May 2020 from 1.18% in April 2019. Core Inflation at 0.88% in May 2020 from 0.93% in April 2020 pic.twitter.com/83OIWnJ6Sl

— Dr Yemi Kale (@sgyemikale) June 17, 2020

Prices of food could be rising related to farmer and herder clashes in food production states and also the ban on inter state travel die to Covid-19 pandemic.

Nigeria’s inflation rate has remained above the 9% upper limit advised by the CBN target for five year and expected to rise as border closure continues.