Nigeria’s Inflation Rises To 12.4% In May

by on June 17, 2020

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

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.

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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.

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.

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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.

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