Nigeria Inflation Hits 15.6%
World Economy

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.”


Short URL : http://goo.gl/bhBQPX
  1. http://goo.gl/p7tEkf
  • http://goo.gl/pYZD47
  • http://goo.gl/o05Fzr
  • http://goo.gl/Z9dRKc
  • http://goo.gl/nEA2rK

You can also read ...

Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...