Nigeria Inflation Rate Slows To 1-Year Low In May


Nigeria's consumer prices increased 16.25 percent year-on-year in May of 2017, easing from a 17.24 percent rise in the previous month. The inflation rate fell for the fourth straight month to the lowest in 12 months, led by a general slowdown in prices. Annual core inflation rate was 13.02 percent, the lowest since March last year. On a monthly basis, consumer prices increased 1.88 percent.

Compared to May of 2016, prices rose less for: food (19.27 percent vs 19.30 percent in April); housing and utlities (12.91 percent vs 16.05 percent); clothing and footwear (16.31 percent vs 17.10 percent); transport (13.26 percent vs 14.91 percent); furniture and household equipment (11.35 percent vs 12.84 percent); education (16.25 percent vs 18.19 percent); health (9.47 percent vs 10.66 percent); miscellaneous goods and services (10.09 percent vs 12.16 percent); communication (3.65 percent vs 3.96 percent) restaurants and hotels (7.84 percent vs 9.08 percent) and alcoholic beverages, tobacco and kola (11.04 percent vs 12.78 percent).

Annual core inflation rate eased to 13.02 percent from 14.75 percent in the previous month, reaching the lowest since March last year.

On a monthly basis, consumer prices rose 1.88 percent, accelerating from a 1.60 percent increase in April.

National Bureau of Statistics | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
6/15/2017 9:32:19 AM