Nigeria’s inflation rate rises to 11.40 percent

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The National Bureau of statistics says Nigeria’s inflation rate has increased to 11.40 percent  (year-on-year) in May.

The NBS made this known in its “CPI and Inflation Report’’ for May released in Abuja on Monday on its website.

The figure is 0.03 percent higher than the 11.37 per cent recorded in April.

According to the report, the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) 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 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.

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

The construction of the CPI combines economic theory, sampling and other statistical techniques, using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.




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