17 June 2011
Inflation Rises to 12.4 Percent, Defies CBN Restrictive Measures
Despite various stringent monetary tightening measures implemented by the Central Bank of Nigeria (CBN) to tame inflationary pressure in the country, the general price level of goods and services have continued to rise.
The inflation report released by the National Bureau of Statistics (NBS), a copy of which was made available to THISDAY Thursday, revealed that the composite Consumer Price Index (CPI), which is used to gauge inflation level in the country, rose to 12.4 per cent in May 2011. The latest CPI figure was higher than 11.3 per cent recorded in April, even as it represented a 0.91 percent increase when compared with the preceding month's figure.