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Nigeria’s inflation rate increases to 11.40 percent in May – NBS

THE National Bureau of Statistics’ Inflation Report has disclosed that the Consumer Price Index increased to 11.40 per cent  in May from 11.37 per cent recorded in April.

The report which was released in Abuja on Monday on the NBS official website noted that the figure was at 0.03 per cent points higher than the 11.37 recorded in April in the period under review.

The increases, according to the Bureau, were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.

On a month-on-month basis, the headline index increased to 1.11 per cent in the period under review by 0.17 per cent points from 0.94 per cent recorded in April.

The report also cited; “percentage change in the average composite CPI for the 12 months’ period ended May over the average of CPI for the previous 12 months’ period.

However, the CPI was measured at 11.30 per cent in the period under review, indicating a 0.01 per cent decline from 11.31 per cent recorded in April.

The  CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

 

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