Inflation Rate

Monthly

The Nigeria Consumer Price Index (CPI) which measures inflation, increased by 12.40% (year-on-year) in May 2020. This is 0.06% points higher than the rate recorded in April 2020 (12.34%). Core inflation rose from 9.98% to 10.12% while food inflation increased to 15.04% from 15.03%.

Interest Rate

Monthly

Nigeria’s Monetary Policy Rate (MPR) stood at 13.5% as at April 2020. The MPR was pegged at 14% for over 20 months from July 2016 before it was recently revised by the Committee to 13.5% in March 2019.

The MPR is the rate at which the Central Bank of Nigeria lends to the deposit money banks

Unemployment Rate

Quarterly

The unemployment rate as at the third quarter 2018 stood at 23.10% as against 22.70% in the second quarter.

The unemployment rate measures the total number of people within the labour force who are willing to work but cannot get any gainful employment.