Poverty Biting Harder: Inflation Rate Increases To 15.6%
The National Bureau of Statistics (NBS) in the Consumer Price Index report which was released on Tuesday explained that the rate of inflation rose by 1.9 percentage points from 13.7 per cent in April to 15.6 per cent in May.
The last time Nigeria recorded an inflation rate as high as the 15.6 percent recorded in May this year was in the month of September 2009 when the rate of inflation was put at 15.86 per cent by the NBS.
Since then, we have been experiencing a downward trend in the rate of inflation before a sudden resurgence within the last five months.
The NBS said the increase in inflation rate in May when compared to what was recorded in April is an indication of an overall rise in general price level across the economy as all divisions which contributed to the Headline index growing at a faster pace.
The report reads in part. “In May, the Consumer Price Index which measures inflation recorded a relatively strong increase for the fourth consecutive month.
“The Headline index increased by 15.6 per cent year-on-year, 1.9 per cent points higher from rates recorded in April 13.7 per cent.
“Year on year, electricity rates as well as other energy prices continue to manifest as key drivers of the core component of the CPI.
“During the month, the highest increases were seen in the passenger transport by road, liquid fuel (Kerosene), fuel and lubricants for personal transport equipment (premium motor spirit) and vehicle spare parts groups.”
The NBS also said imported foods as well as a drawdown of inventories across the country continue to push food prices higher.
No comments
Your Comment Matters to Us