Nigerian Inflation rate measured by the Consumer Price Index (CPI) rose marginally year on year (YoY) by 0.03% to 11.40% in May 2019. Figures from the National Bureau of Statistics (NBS) has revealed.
CPI which measures the weighted average of prices of consumer goods and services in a country. This is done by taking the prices for each year and measure it against a base year (Pre-determined). 2009 being base year for Nigeria’s NBS analysis.
The inflation rate, which was at a single digit from January 2013 rose to above 10% YoY in February 2016, was as high as 18.72% YoY in January 2017 and was 11.14 YoY in July 2018 (Being lowest rate since February 2016) before its current 11.40% YoY in May 2019. Part of the Monetary Policy trust of the current CBN governor is to reduce inflation rate to single digit.
The figures from the NBS also revealed that Core inflation (All Items except food) dropped by 0.3% YoY in May 2019 from 9.3% YoY in April to 9.0% YoY. The 9.0% YoY May 2019 Core inflation figure also happens to be the lowest core inflation rate in over 3 years (Since February 2016).
The Food Price Index however rose by 0.09% YoY in May 2019 from 13.70% YoY in April 2019 to 13.79% YoY in May 2019, being the highest Food inflation figure since May 2018. The Food inflation rate was last at a single digit in May 2015 and was at its 10 year high (Highest since January 2009) in September 2017 when it rose to 20.32% YoY.
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