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Nigeria’s inflation rate hits highest in over 2 years

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June 17, 2020

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Nigeria's inflation rate hits record high as food inflation soars

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Nigeria’s inflation rates has jumped to 12.40% (year-on-year) in May 2020 from the 12.34% recorded in April, 2020, making the latest spike the highest in over two years.

According to the latest inflation report released by the National Bureau of Statistics (NBS) on Wednesday, the composite food index rose to 15.04% (year-on-year) compared to 15.03% recorded in the previous month while core inflation also rose to 10.12% in May 2020, up by 0.14% points compared to 9.98% recorded in April 2020.

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