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Nigeria Inflation Rate Hits 12.40% In May

The Continuous rise of the inflation rate is one the threatening factor that uplifts the tendencies of the upcoming recession on the Nigerian economy as The consumer price index, (CPI) which measures inflation increased by 12.40% (year-on-year) in May 2020.

This 0.06% points higher than 12.34% recorded in April.

According to the report released by the country’s statistician general, Yemi Kale, via its twitter handle, the composite food index rose to 15.04% (year-on-year) compared to 15.03% recorded in the previous month while core inflation also rose to 10.12% in May 2020, up by 0.14% points compared two 9.98% recorded in April 2020.

Here is Dr Kale’s Tweet below on the inflation rate for May 2020

 

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