Nigeria: Inflation holds steady in May
June 17, 2019
Consumer prices rose 1.11% on a month-on-month basis in May, up from April’s 0.94% climb and the sharpest increase in 10 months. The acceleration was largely driven by faster growth of food prices.
Inflation was unchanged at April’s 11.4% in May, remaining well above the Central Bank’s target range of 6.0%–9.0%.
Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.75% month-on-month in May, slightly above April’s 0.70% increase. In addition, core inflation edged down to an over three-year low of 9.0% in May (April: 9.3%).
Author: Javier Colato, Economist