Inflation Rises to 12.40%

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By James Emejo

The Consumer Price Index (CPI) which measures inflation increased to 12.40 per cent (year-on-year) in May compared to 12.34 per cent in the preceding month, the National Bureau of Statistics (NBS) stated Wednesday.

The NBS attributed the 0.06 per cent hike in headline index to increases in all the parameters that determine inflation.

According to the CPI figures for May 2020, on month-on-month basis, the headline index increased by 1.17 per cent, representing 0.15 per cent rate higher than the 1.02 per cent recorded in April.

The composite food index rose to 15.04 per cent year-on-year in May compared to 15.03 per cent in April 2020.

On month-on-month basis, food increased by 1.42 per cent in May, up by 0.24 per cent points from 1.18 per cent recorded in April, the statistical agency noted.

Core inflation, which excludes the prices of volatile agricultural produce stood at 10.12 per cent in May 2020, up by 0.14 per cent when compared with 9.98 per cent in April 2020.

Details later….