Global Economy –Rundown:
A marginal gain in the United State retail sales was recorded for the month of May, as renewed consumers spending fueled a rise of 0.5%, and retail data for the month of April was modified to reflect an appreciated retail sales of 0.3%, as against a contraction of 0.2% earlier reported. Based on the filtering economic data, economic analysts are of the view that strings of economic data have propelled considerable anticipated GDP growth for the second quarter of the year, as consumer spending has recorded an upward momentum for two consecutive months, along with improved export activities, and consumer spending account for two-thirds of the United States economy.
Domestic Economy –Rundown:
The country’s Consumer Price Index as remained elevated, for the month of May the index increased by 0.49% to a new high of 12.40%, from a previous index of 12.36%, the consistent rise in inflationary measure during an anticipated economy contraction is best explained by the Country’s Structural imbalance in the area of insecurity, also stringent measures implemented to curb the ravaging pandemic has hampered the ease of logistics, this has fueled the premium cost of goods and commodities, as such the elevated price level is witnessed in the country. The 12 months average consumer price index for May was 11.79%, against 11.71% attained in April, this represent 0.68% increase. The urban inflation rate was 13.03% for the month of May, while rural inflation for the month was 11.83%, both inflationary demography was elevated for the month. Read more :