Nigeria Inflation Rate Highest In 2-Years

Annual inflation rate in Nigeria rose for the sixth consecutive month to 9 percent in May of 2015 from a 8.7 percent in April, driven by food prices.
National Bureau of Statistics | Joana Ferreira | joana.ferreira@tradingeconomics.com 6/12/2015 12:49:18 PM
Compared to May of 2014, food cost increased 9.8 percent, the highest since September 2014, and imported food prices grew 9.5 percent. Additional upward pressures came from: housing, water, electricity and gas (+7.4 percent); clothing and footwear (+9.1 percent); transport prices (+8.3 percent); furnishings and household equipment (+9.2 percent); education (+8.4 percent); health (+8.7 percent); miscellaneous goods and services (+8.7 percent); hotels, cafés and restaurants (+8.9 percent); alcoholic beverages, tobacco and kola (+8.8 percent).

Annual core inflation rate increased to 8.3 percent from 7.7 percent last month.

On a monthly basis, consumer prices rose at a faster 1.1 percent, the highest since September 2012. Food cost went up 1.1 percent (+0.9 percent in April) boosted by higher cost of fish, potatoes and other food products.

Nigeria Inflation Rate Highest In 2-Years