Nigeria Inflation May 2016


Upward trend in inflation remains intact in May

In May, consumer prices increased 2.8% over the previous month. The reading was well above April’s 1.6% rise and marked the largest increase in over four years. According to the National Bureau of Statistics, the month-on-month acceleration reflected faster increases in prices for food as well as for electricity, fuels and lubricants, transport equipment and furniture.

Inflation soared from April’s 13.7% to 15.6% in May. The print represented the highest rate since February 2010. As a result, annual average inflation ticked up from April’s 10.2% to 10.7% in May, thereby reaching a three-year high.

Core consumer prices, which exclude farm produce and energy prices, rose 2.5% in May over the previous month, which was above the 1.0% rise tallied in April. Core inflation jumped from 10.8% in April to 12.3% in May, hitting an over-three-year high.

The National Bureau of Statistics expects inflation to end the year at 10.2% and at 9.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 11.9% in 2016, which is up 1.0 percentage points from last month’s forecast. For 2017, panelists forecast an inflation rate of 10.1%.

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