Nigeria: Inflation hits over two-year high in May
Consumer prices increased 1.17% over the last month in May, accelerating from April’s 1.02% increase. May’s result marked the sharpest increase in prices since June 2018 and was primarily driven by faster growth of food prices.
Inflation climbed to 12.4% in May from April’s 12.3%, the highest reading since April 2018. Consequently, it moved further above the Central Bank’s target range of 6.0%–9.0%. Annual average inflation edged up to 11.8% in May (April: 11.7%).
Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.88% month-on-month in May, below April’s 0.93% increase. Core inflation rose to 10.1% from April’s 10.0%.