Nigeria Inflation Rises to 11.4%

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

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

The bureau said the figure was 0.03 per cent points higher than the 11.37 recorded in April in the period under review.

On a month-on-month basis, the NBS 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.

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

The NBS said in arriving at the CPI, it factored in 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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