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Nigeria Economy: Rate Of Inflation Increases

Channels Television  
Updated June 14, 2016

Inflation-rateThe latest data from the National Bureau of Statistics (NBS) has shown that Nigeria’s headline inflation rate has recorded a sharp increase of 1.9 per cent to 15.6 per cent in the month of May.

According to the NBS, the rise from 13.7 per cent was attributed to an overall increase in general price level across the economy.

The Food Sub Index increased by 1.7 per cent in May, recording a year-on-year rise from 13.2 per cent to 14.9 per cent.

According to the NBS, the increase in rates in May relative to April reflected 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.

This is the fourth consecutive month that the Consumer Price Index (CPI) is recording a relatively strong increase.

The higher rate was reflected across all divisions.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

See full Consumer Price Index here.