Inflation Rate

Monthly

Nigeria's Consumer Price Index (CPI) which measures inflation, increased by 17.93% (year-on-year) in May 2021. This is 0.19% points lower than the rate recorded in April 2021 (18.12%). Core inflation increased from 12.74% to 13.15%; while food inflation dropped to 22.28% from 22.72%.

Interest Rate

Monthly

Nigeria’s Monetary Policy Committee of the CBN retained the MPR at 11.5%. The MPR was pegged at 14% for over 32 months from July 2016 before it was revised by the Committee to 13.5% in March 2019 and further revised downwards in May 2020.

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

Unemployment Rate

Quarterly

The unemployment rate, which measures the total number of people within the labour force who are willing to work but cannot get any gainful employment, increased by 4% to 27.1% in Q2, 2020, compared with Q3, 2018 - the last quarter it was released. This indicates that close 21,764,614 Nigerians are unemployed.