Africa Press-Nigeria:
The consumer price index, (CPI) which measures inflation increased by 12.40 percent (year-on-year) in May 2020.
National Bureau of Statistics (NBS ) made this known on it website on Wednesday.
According to its Consumer Price Index May 2020 report, this present figure is 0.06 percent points higher than the rate recorded in April 2020 (12.34) per cent.
The report said on month-on-month basis, the Headline index increased by 1.17 percent in May 2020, this is 0.15 percent rate higher than the rate recorded in April 2020 (1.02) percent.
NBS noted that the “urban inflation rate increased by 13.03 percent (year-on-year) in May 2020 from 13.01 percent
recorded in April 2020, while the rural inflation rate increased by 11.83 percent in May 2020 from 11.73
percent in April 2020.
“On a month-on-month basis, the urban index rose by 1.18 percent in May 2020, up by 0.12 points from 1.06 percent recorded in April 2020, while the rural index also rose by 1.16 percent in May 2020, up by 0.18 points from the rate recorded in April 2020 (0.90 percent).”
The corresponding twelve-month year-on-year average percentage change for the urban index is 12.36
percent in May 2020, said the report
