JUST IN: At 12.40%, Nigeria Hits Highest Inflation Rate In 2 Years

Nigeria’s inflation rate has increased to 12.40% in May 2020, making it the highest recorded in the country in two years.

This is contained in the latest inflation report released by the National Bureau of Statistics (NBS) on Wednesday.

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.

More details to follow…