Nigeria’s inflation rate up 1.0 per cent - Bureau

Specifically, food prices edged higher to 9.7 per cent, up from 9.4 per cent in April.

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The National Bureau of Statistics, NBS, on Monday said inflation rate stood at 8.0 per cent in May, 1.0 per cent higher than the 7.9 per cent recorded in April.

This was in a statement issued in Abuja by the Statistician-General of the Federation, Yemi Kale.

Mr. Kale, in the statement, said, “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 per cent, up from 9.4 per cent in April. Prices were pushed higher as a result of higher prices in the bread and cereals, fish, dairy, fruits, and vegetable groups.”

The statistician-general said the price increases in the food sub-index were however weighed down by relatively slower increases in meats, oils, fats, potatoes, yams and other tuber classes.

He said prices measured by the “all items less farm produce” or Core sub-index increased at a faster rate in May than April.

Mr. Kale added that groups that contributed to the increase in the core sub-index included furniture and furnishings, garments, rental prices, as well as liquid and solid fuels.

“Urban prices increased at a faster rate in May, 8.2 per cent, up 0.3 percentage points from April, after growing at a constant rate in March and April (7.9 per cent year-on-year). Rural prices increased by 7.8 per cent in May, also up by 0.3 percentage points from April, and the fastest since Jan. 2014. On a month on month basis, movements in the urban and rural indices have largely mirrored the headline index this year,” the statistician-general said.