Inflation rises to 8.0 percent in May

Nigeria’s consumer inflation rose to 8 percent year-on-year in May, against 7.9 percent the previous month, the National Bureau of Statistics (NBS) said on Monday.

Food inflation, which is the biggest contributor to the headline index, rose to 9.7 percent year-on-year in May, up from 9.4 percent in April.

“In May 2014, the Consumer Price Index (CPI), which measures inflation, was marginally higher when compared with April 2014. Prices rose by 8.0 percent (year-on-year) in May, from 7.9 percent recorded in the previous month. Since a decline of the headline index in January, prices continue to trend upwards, albeit at a slow pace increasing by 0.1 percentage points (year-on-year) each month between February and May,” the bureau said in a report.

“The price increases seen in May were as a result of higher prices in groups that contribute to both the Food and Core sub-indices. Specifically, Food prices edged higher to 9.7 percent, up from 9.4 percent in April. Prices were pushed higher as a result of
higher prices in the 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, and Yams and Other tubers classes.”