World Economy

Nigeria Inflation Hits 15.6%

Nigeria Inflation Hits 15.6%Nigeria Inflation Hits 15.6%

The Nigerian National Bureau of Statistics said the consumer price index increased to 15.6% in May from 13.7% in April.

A report released by the NBS in Abuja said the CPI, which measures inflation, recorded a relatively strong increase for the fourth consecutive month, NAN reported.

The report said the Headline Index increased to 15.6% year-on-year, which was 1.9% points higher from rates recorded in April (13.7%).

It said: “The increase in rates in May relative to April reflects an overall increase in general price level across the economy as all divisions which contribute to the Headline Index increased at a faster pace in May.

“Year on year, electricity rates as well as other energy prices continue to manifest as key drivers of the core component of the CPI.

“The core sub-index increased to 15.1% in May, up by 1.7% points from rates recorded in the previous month.

The report said that imported foods as well as a drawdown of inventories across the country continued to push food prices higher.

It said the food sub index increased to 14.9% in May, up by 1.7% points from rates recorded in April.

It said: “This is driven by higher food prices in fish, bread and cereals, and vegetables groups for the second consecutive month.

“In addition, the imported food sub-index increased by 18.6% in May, compared to 2.2% points from rates recorded in April.”