Skip to main content

Nigeria’s Inflation hits 15.6 % in May – NBS

The National Bureau of Statistics (NBS), on Tuesday, said the Consumer Price Index (CPI) increased to 15.6 percent in May from 13. 7 percent in April.

A report released by the NBS in Abuja said that the CPI, which measures inflation, recorded a relatively strong increase for the fourth consecutive month.

The report said that the Headline Index increased to 15.6 per cent year-on-year, which was 1.9 per cent points higher from rates recorded in April (13.7 per cent).

“The increase in rates in May relative to April reflects an overall increase in general price level across the economy as all divisions which contribute to the Headline Index increased at a faster pace in May.

“Year on year, electricity rates as well as other energy prices continue to manifest as key drivers of the Core component of the CPI.

“The Core sub-index increased to 15.1 percent in May, up by 1.7 percent points from rates recorded in the previous month.

“During the month, the highest increases were seen in the passenger transport by road, Liquid Fuel (kerosene), fuels and Lubricants for Personal Transport Equipment (Premium Motor Spirit) and Vehicle Spare Part groups,’’ it said.

The report said that imported foods as well as a drawdown of inventories across the country continued to push food prices higher.

It said that the Food Sub-Index increased to 14.9 per cent in May, up by 1.7 per cent points from rates recorded in April.

The report said that the food sub-index increased as all major food groups which contributed to the food sub-index increased at a faster pace.

“This is driven by higher food prices in fish, bread and cereals, and vegetables groups for the second consecutive month.

“In addition, the Imported Food Sub-Index increased by 18.6 per cent in May, compared to 2.2 per cent points from rates recorded in April,’’ it said.

Labels:

Comments

Post a Comment

Popular posts from this blog

Court grants Fani-Kayode N50m bail

Fani-kayode sandwiched by EFCC officials Justice James Tsoho of the Federal High Court Abuja on Thursday granted a N50m bail to former spokesman of the Goodluck Jonathan Campaign Organisation, Chief Femi Fani-Kayode. Fani-Kayode was arraigned by the Economic and Financial Crimes Commission (EFCC) on a five-count charge of money laundering to the tune of N26m. Fani-Kayode is the sole defendant in the fresh charges numbered, FHC/ABJ/CR/140/2016. The EFCC accused the defendant of diverting 26 million Naira allegedly received from the ONSA while Sambo Dasuki was in office. The anti-graft agency also accused him of handling the said N26 million without going through financial institution as required under the Money Laundering Act. The embattled former minister is already facing 17-count charge of money laundering before the Lagos Division of the court, along with a former Finance Minister; Nenadi Usman, Danjuma Yusuf and a firm; Joint Trust Dimension Nigeria Limited. They were charg
Post a Comment
Read more

FG berates US congressman over comment

Lai Mohammed, Minister of Information and Culture Photo: Femi Ipaye/PM News The Federal Government has described as sadly out of tune with reality the published letter from US Congressman Tom Marino to Secretary of State John Kerry, asking the US to withhold security assistance to Nigeria on the strength of some imaginary infraction by the Buhari Administration. In a statement issued in Abuja on Sunday, the Minister of Information and Culture, Alhaji Lai Mohammed, said Congressman Marino was poorly informed about the issues he commented on, wondering why he did not take the pains to get first hand information from the US Embassy in Nigeria or any other credible source before engaging in what is nothing but a ‘propaganda of his own imagination’. The Minister said by asking the US to refrain from selling warplanes and other military equipment to Nigeria based on a faulty premise, the Congressman has demonstrated a poor understanding of global security issues. ”Insecurity anywhere i
Post a Comment
Read more

Aubameyang leads Gabon to Nations Cup

Pierre-Emerick Aubameyang Pierre-Emerick Aubameyang leads the cast for Gabon as the hosts became the first team to name their final 2017 Africa Cup of Nations squad. The team captain and Borussia Dortmund star will lead the home players out for the opening game of the tournament against debutants Guinea-Bissau on 14 January in Libreville. Gabon have also named Sunderland midfielder Didier Ndong despite the player being left out of November’s World Cup qualifier in Mali. Ndong was in the capital city Libreville but failed to turn up for international duty ahead of the Mali game last month, forcing the Gabonese Football Federation [Fegafoot] to send him back to England. But a remorseful Ndong, who held clear-the-air talks with Fegafoot has been included in a 23-man Panthers squad. Other names to make the final party include Juventus midfielder Mario Lemina, Bruno Ecuélé Manga of Cardiff City and China-based striker Malick Evouna. Gabon coach José Antonio Camacho included three do
Post a Comment
Read more