The continuous rise of the inflation rate is one the threatening factor that increases the chances of the upcoming recession on the Nigerian economy as the consumer price index, (CPI) which measures inflation increased by 12.40% (year-on-year) in May 2020.
This 0.06% points higher than 12.34% recorded in April.
According to the report released by the country’s statistician general, Yemi Kale, via its twitter handle, 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 two 9.98% recorded in April 2020.
Below is Dr Kale’s Tweet on the inflation rate for May 2020;
May 2020 CPI/Inflation report published @ https://t.co/Jf12yXCbOF
YEAR on YEAR:
Headline Inflation at 12.40% in May 2020 from 12.34% in April 2020. Food inflation at 15.04% in May 2020 from 15.03% in April 2020. Core Inflation at 10.12% in May 2020 from 9.98% in April 2020 pic.twitter.com/prQEc2tH2Z
— Dr Yemi Kale (@sgyemikale) June 17, 2020