Nigeria Inflation Rate Edges Up Slightly in May

Nigeria annual inflation rate accelerated slightly for the third straight month to 8.0 percent in May of 2014 from 7.9 percent in the previous month, as a result of higher food prices.

Year-on-year prices increased for all main groups. Cost of food rose 9.7 percent yoy, up from 9.4 percent in April of 2014. In particular, prices increased for bread and cereals, fish, dairy, fruits, and vegetable groups. The price increases in the food sub-index were however weighed down by relatively slower increases in the meats, oils and fats, and, potatoes, yams and other tubers classes.

Urban prices increased 8.2 percent yoy in May of 2014, compared with 7.9 percent in April and Mach. Rural prices rose 7.8 percent in May, up from 6.9 percent in April.

Core inflation rose by 7.7 percent in May of 2014 year-on-year, up from 7.5 percent recorded in April. 

On a monthly basis, consumer prices rose 0.78 percent in May of 2014, accelerating from a 0.62 percent increase in the previous month. Food prices increased 0.8 percent in May, mostly due to higher cost of bread and cereals, fruit, soft drinks, and meat groups. All the remaining price main groups increased, where the main contributors groups were clothing and footwear (0.9 percent), furnishings, household equipment and routine household maintenance (0.8 percent), health (0.8 percent), transport (0.8 percent), restaurants and hotels (0.9 percent).

Nigeria Inflation Rate Edges Up Slightly in May

National Bureau of Statistics | Isabel Felino |
6/16/2014 1:21:54 PM