Nigeria’s May inflation rose to 11.4%

The National Bureau of Statistics (NBS), says the Consumer Price Index (CPI) which measured inflation increased to 11.40 per cent (year-on-year) in May from 11.37 per cent recorded in April.

On a month-on-month basis, it said 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.

While measuring CPI at 11.30 per cent in the period under review, NBS indicated a 0.01 per cent decline from 11.31 per cent recorded in April.

The bureau said the figure was 0.03 per cent points higher than the 11.37 recorded in April in the period under review, adding that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.