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%).
Inflation rose by 12.40% in May, higher than the rate (12.34%) recorded in April 2020, and 12.26% in March 2020, rising for the ninth consecutive month and being the highest rate recorded since May 2018.
The composite food index rose by 15.04% in May 2020 compared to 15.03% in April 2020. The rise in the food index was caused by increases in prices of Bread and cereals, potatoes, Fish, Oils and fats, Vegetables, Yam and other tubers.
The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce rose by 0.14% to 10.12% in May 2020, from 9.98% recorded in April 2020.
The CPI takes into account the average change over time in the prices of goods and services consumed by people for day-to-day living.
Data Source: Nigeria Bureau Statistics
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