Inflation in Nigeria maintained a “galloping trend” in May, rising above expectations to 17.7 percent, against the 16.82 percent recorded in April, data released by the state-backed National Bureau of Statistics has shown.
Concerns about inflationary pressures driven partly by war in Ukraine, as well as domestic security challenges pushed the Central Bank of Nigeria to tighten its benchmark interest rates last month, for the first time in almost six years. The regulatory bank raised rates to 13 percent from 11.5 percent (a 150bps rise) during its policy meeting last May.
