Nigeria Inflation Rate Highest In 2-Years

Annual inflation rate in Nigeria rose for the sixth consecutive month to 9 percent in May of 2015 from a 8.7 percent in April, driven by food prices.

Compared to May of 2014, food cost increased 9.8 percent, the highest since September 2014, and imported food prices grew 9.5 percent. Additional upward pressures came from: housing, water, electricity and gas (+7.4 percent); clothing and footwear (+9.1 percent); transport prices (+8.3 percent); furnishings and household equipment (+9.2 percent); education (+8.4 percent); health (+8.7 percent); miscellaneous goods and services (+8.7 percent); hotels, cafés and restaurants (+8.9 percent); alcoholic beverages, tobacco and kola (+8.8 percent).

Annual core inflation rate increased to 8.3 percent from 7.7 percent last month.

On a monthly basis, consumer prices rose at a faster 1.1 percent, the highest since September 2012. Food cost went up 1.1 percent (+0.9 percent in April) boosted by higher cost of fish, potatoes and other food products.

Nigeria Inflation Rate Highest In 2-Years

National Bureau of Statistics | Joana Ferreira |
6/12/2015 12:49:18 PM