Inflation increases to 15.6 percent

Ugo Okoro

The annual inflation rate in Nigeria has increased to 15.6 percent in May, the fourth monthly increase in a row.

The National Bureau of Statistics, NBS, on Tuesday, said “the increase in rates in May relative to April reflects an overall increase in general price level across the economy,” the NBS said.

The Statistician General, Dr.Yemi Kale, highlighting the report, said “headline inflation, year on year, rose sharply in May 2016 to 15.6% from 13.7% in April. And m on m by 2.8 % in May from 1.6% in April.

Food inflation, year on year, rose by 14.9% in May from 13.2% in April and month on month by 2.6% in May from 1.3% in April.

Food inflation driven largely by rising prices of fish, bread, cereals, potatoes, yams and tubers, vegetables, meats, oil and fats & fruits.”

“Core Inflation driven by electricity,furniture,fuels &lubricants,catering services,furniture,solid fuels,rent, passenger transport,liquid fuels.

Imported inflation rose by 18.6% in May 2016 from 16.3% in April 2016.

Urban inflation yoy 17.15% in May from 15.5% in April & Mom 2.96% from 2.17%. Rural yoy 14.35% in May from 12.77% & Mom 2.50% from 1.4%,” Dr. Kale’s summary on the report concluded.