Nigeria: Inflation At 15.6%, Says NBS

Unic Press UK: The National Bureau of Statistics (NBS) in Nigeria says that the Consumer Price Index (CPI) has risen to 15.6%. It was 13.7% on April 2016.

An extract from the NBS May 2016 report, which was published on the 14 June reads:

“In May, the Consumer Price Index (CPI) which measures inflation recorded a relatively strong increase for the fourth consecutive month. The Headline index increased by 15.6% (year-on-year), 1.9% points higher from rates recorded in April (13.7%). 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.

“The percentage change in the average composite CPI for the twelve month period ending in May 2016 over the average of the CPI for the previous twelve-month period was 10.7%, higher from 10.2% recorded in April. The corresponding twelve month year-on-year average percentage change for the Urban index increased from 10.5% in April to 11.2% in May, while the corresponding Rural index also increased from 9.9% in April to 10.4% in May.

“Increased prices of both domestic and imported food products continue to drive food prices higher. The index increased by 14.9% (Year-on-year) during the month of May, 1.7% points higher from rates recorded in April. All groups which contribute to the index increased with the highest increase recorded in the Bread and Cereals group which increased from 14.5% in April to 16.6% in May. On a month-onmonth basis, the Food sub-index increased by 1.3% points from 1.3% in April to 2.6% in May.

“On a month-on-month basis, the highest price increases were recorded in the Bread and Cereals; Vegetables, and “Sugar, Jam, Honey, Chocolate and Confectionery” groups. The average annual rate of change of the Food sub-index for the twelve-month period ending in May 2016 over the previous twelve month average was 11.2%, 0.4% points from the average annual rate of change recorded in April.”