Nigeria’s Consumer Prices Index (CPI) commonly known as inflation accelerated by 12.40 percent in May 2020, marking the nine-consecutive uptrend since September 2019 and the highest in 25 months, a BusinessDay analysis shows.
Data from May 2020 inflation report by the National Bureau of Statistics (NBS) released this morning, showed that inflation rose month-on-month by 12.40 percent which was 0.06 percentage points higher than the rate recorded in April 2020 (12.34 percent).
Food inflation rose by 15.04 percent year on year in May 2020 compared to 15.03 percent in April 2020.
This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Oils and fats, Fruits, Fish and Meat.
Details later
