Nigeria’s Inflation Rises To 12.4% In May

June 17, 2020
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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.

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.

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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