Nigeria Inflation Rate Highest Since February 2010

Consumer prices in Nigeria jumped 15.6 percent year-on-year in May of 2016, following a 13.7 percent rise in the previous month. It was the highest reading in more than 6 years, as cost of food, housing, utilities and transport surged mostly due to 67 percent increase in gasoline prices. Nigeria struggles with rising import cost due to a weak naira after lower oil prices led to a decline in foreign reserves and as oil production reached a historical low in May after Niger Delta Avengers attacked Chevron oil facilities. On a monthly basis, consumer prices went up 2.75 percent.

Year-on-year, cost of food rose 14.9 percent (from 13.2 percent in April), housing, water, electricity and gas increased 22 percent (from 18.98 percent). Also, prices went up for: clothing and footwear (14 percent from 12.7 percent); transport (15.6 percent from 14 percent); furnishings and household equipment (11.3 percent from 9.6 percent); education (15.8 percent from 13.9 percent); health (10.1 percent from 9 percent); miscellaneous goods and services (12.7 percent from 10.6 percent) and alcoholic beverages, tobacco and cola (12.7 percent from 11.1 percent). Prices of restaurants and hotels went up by 9.9 percent from an 8.5 percent rise in the previous month.

Annual core inflation rate rose to 15.1 percent from 13.4 percent in the previous month.

On a monthly basis, consumer prices went up 2.75 percent compared to a 1.61 percent increase in April, mostly due to rise in cost of food (+2.56 percent); housing, water, electricity and gas (+3.7 percent), transport (+2.7 percent) and clothing and footwear (+2.4 percent).

National Bureau of Statistics | Mojdeh Kazemi |
6/14/2016 2:49:59 PM