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Nigeria’s inflation rate spikes to 12.40 percent, highest in 24 months

INFLATION rate in Nigeria has increased by up to 12.40 percent (year-on-year) in May 2020, indicating the highest level in 24 months, Consumer Price Index (CPI) of May 2020 has shown.

The report, published by the National Bureau of Statistics (NBS) also revealed that food inflation increased to 15.04 percent in May from 15.03 percent in April.

According to the report, increases were recorded in the 12 Classification of Individual Consumption According by Purpose (COICOP) divisions that yielded the headline index.

The COICOP includes food and non-alcoholic beverages, alcoholic, and beverages; tobacco, and kola; clothing and footwear; housing, water, electricity, and gas; furnishings and household equipment.

Others are health, transport, communication, recreation and culture, education, restaurants and hotels, miscellaneous goods and services.

The closure of land borders in the country in August 2019 was a major driving force for the upward trend of the inflation rates of the country according to NBS data which shows the rates started increasing from September 2019.

The Central Bank of Nigeria (CBN) in March said inflation level will rise in the next six months due to the effect of Coronavirus disease (COVID-19), but it is expected to fall in the next 12 months.

Inflation in states

In May 2020, all item inflation on a year-on-year basis was highest in Rivers- 14.69 percent, Bauchi- 14.91 percent, Ebonyi, Kogi, and Plateau states- 13,87 percent, while Benue- 11.13 percent, Adamawa- 11.10 percent, and Kwara- 10.58 percent recorded the slowest rise in headline year-on-year inflation.

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For food inflation, Abuja 18.13 percent, Osun- 17.40 percent, and Imo- 17.13 percent recorded the highest, while Abia- 13.64 percent, Bauchi and Kaduna- 12.97 percent recorded the slowest rise in headline month-on-month inflation.

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