Nigeria’s rate of inflation, which is measured by the country’s Consumer Price Index, rose to 12.40 per cent in the month of May 2020, the highest ever recorded in Nigeria since the past 25 months.
According to the National Bureau of Statistics in its Consumer Price Index May 2020 report released on Wednesday, the latest increase represents 0.06 per cent points higher than the rate recorded in April 2020, which was 12.34 per cent.
The bureau said, “Urrban inflation rate increased by 13.03 per cent in May 2020 from 13.01 per cent recorded in April 2020, while the rural inflation rate increased by 11.83 per cent in May 2020 from 11.73 per cent in April 2020.” This, according to the bureau, was higher than the 12.26 per cent reported in April 2020, while the corresponding rural inflation rate in May 2020 was 11.26 per cent compared to 11.20 per cent recorded in April 2020.
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