The inflation rate in Nigeria has increased to 11.40 percent (year-on-year) in May, National Bureau of Statistics (NBS) says.
The NBS revealed this in its “CPI and Inflation Report’’ for May released on its website on Monday.
According to the report, the figure was 0.03 percent points higher than the 11.37 recorded in April in the period under review.
NBS said the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
On a month-on-month basis, it said the headline index increased to 1.11 percent in the period under review by 0.17 percent points from 0.94 percent recorded in April.
It said the percentage change in the average composite CPI for the 12 months period ended May over the average of CPI for the previous 12 months period.
It, however, measured the CPI at 11.30 percent in the period under review, indicating a 0.01 percent decline from 11.31 percent recorded in April.
According to the NBS, the CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
It said the construction of the CPI combines economic theory, sampling and other statistical techniques, using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.
It added that the production of the CPI requires skills of economists, statisticians, computer scientists and data collectors, among others.