Nigeria's inflation rises to 17.71% in May, highest in 11 months

Central bank raised benchmark interest rate by 150 basis points to combat rising inflation

By Ovunc Kutlu

ANKARA (AA) - Annual consumer inflation in Nigeria rose to 17.71% in May, highest in 11 months, according to figures released by the National Bureau of Statistics on Wednesday.

While the market expectation for the figure was 17.4%, annual consumer inflation stood at 16.82% in April.

On a monthly basis, consumer inflation increased to 1.78% in May. The figure stood at 1.76% in April.

Annually, the urban inflation rate rose to 18.24% last month, while the rural inflation rate increased to 17.21%.

Meanwhile, the composite food index in May jumped to 19.5% year-on-year.

The Central Bank of Nigeria on May 24 raised the benchmark interest rate by 150 basis points to 13%, its first hike in more than two years to combat rising inflation.

Kaynak:

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