Nigeria Economy: Rate Of Inflation Increases

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.

Nigeria’s Inflation Rises By 11.4% In February

inflationNigeria’s headlines inflation for the month of February has jumped to 11.4% up by 2.6% month-on-month, according to the report just released by the Bureau of Statistics.

Consumer inflation was reported at 9.6% in January, already outside the threshold set for monetary policy considerations by the Central Bank.

Ahead of the release, inflation estimates for February has been put at between 9.7% and 10.1%.

February 2015 Consumer Price Index (CPI)/ Inflation Report released by the National Bureau of Statistics explained, “The faster pace of increases which led to the overall rise in the headline index was recorded across almost all major divisions.

“This contributes to the headline index with the exception of the restaurants and hotels division which increased, albeit at a slower pace.”

According to the statistics office, the food sub-index moved up 1.4% month-on-month to 11.3% in February.

“The food sub-index increased at a faster pace with the exception of potatoes, yams and other tubers and sugar, jam, honey, chocolate and confectionery groups.

“The ‘All Items less Farm Produce’ or Core sub-index, increased at a faster pace in February as imported items as well as other domestic products, resulting in ripple effects across many divisions,” the reports says.

Urban inflation climbed 3.0% to 12.3% and rural inflation reported higher at 10.7% advancing 1.8% last month.