Inflation Rate Continues to Rise in May as Consumer Prices Hit 12.40%

Inflation Rate Rises to 12.40 Percent in the Month of May

The cost of goods and services increased at a faster pace in Africa’s largest economy in the month of May, according to the National Bureau of Statistics (NBS).

In the report released on Wednesday, the Consumer Price Index, which measures the inflation rate, rose from 12.34 percent year-on-year in April to 12.40 percent in May.

On a monthly basis, the headline index expanded by 1.17 percent, a 0.15 percent higher than the 1.02 percent filed in the month of April.

Accordingly,  the food index also increased by 0.24 percent from 1.18 percent recorded in April to 1.42 percent in the month of May.

The average annual rate change in the food index increased by 0.11 percent from 14.22 percent from the previous 12 months ended May 2019 to 14.33 percent in the last 12 months.

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