Nigeria's inflation rate increases to 11.40% in May 2019 - the highest in 2019

A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district in Nigeria's commercial capital Lagos February 4, 2016. REUTERS/Akintunde Akinleye/File Photo
  • NBS says Nigeria's inflation rate jumped to 11.40% in May 2019 from 11.37% recorded in April.
  • The figure was 0.03% points higher than the rate recorded in April 2019.
  • The country's inflation may rise to 12% this year before moderating, CBN outlook.

Nigeria's inflation rate jumped to 11.40% in May 2019 from 11.37% recorded in April, according to a new report by the National Bureau of Statistics (NBS).

The NBS, in its “CPI and Inflation Report’’ for May 2019 released in Abuja on Friday, said the figure was 0.03% points higher than the rate recorded in April 2019.

According to the Bureau, increases were recorded in all consumption that yielded the headline index.

“On a month-on-month basis, the Headline index increased by 1.11% in May 2019. This is a 0.17% rate higher than the rate recorded in April 2019 (0.94%). 

“The percentage change in the average composite CPI for the twelve months period ending May 2019, over the average of the CPI for the previous twelve months period was 11.30%, 0.01% points from 11.31% recorded in April 2019,” the report added.

The consumer price index (CPI) measures a country's inflation and help the government and policymakers to fix economic fundamentals and projections. 

The current upward movement may pose great uncertainty for the Nigerian market and affect the country's exchange rate. The Central Bank of Nigeria (CBN) had vowed to continue to tight economic policies due to the country's inflation outlook. 

Commenting on the post-election outlook, the CBN governor, Godwin Emefiele said the country's inflation may rise to 12% this year before moderating.

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