Nigeria’s inflation rate rose at a faster pace in May to the highest level this year as food prices continued to increase, data from the National Bureau of Statistics (NBS) reveal on Monday.
The Composite Price Index (CPI), which is a measure of the general change in the prices of consumer goods and services purchased by households over a period, rose by 11.40 percent on year-on-year basis in May.
This represents 0.03 percentage point higher than 11.37 percent recorded in the previous month and the highest inflation rate recorded by the country since December 2018.
Similarly, food inflation accelerated for the second consecutive month 13.79 percent from a year earlier in May compared with 13.70 percent recorded in April, even as core inflation, which captures all items, but exempts the prices of volatile agricultural produce, moderated to 9 percent to reach its lowest level in over three years.
OLUWASEGUN OLAKOYENIKAN
