Nigeria: Inflation rises in May from the prior month
Latest reading: Consumer prices rose 15.9% on a year-on-year basis in May, following a 15.7% rise in the prior month.
Relative to the prior month’s data, there were higher price pressures for food and non-alcoholic beverages (+17.8% on a year-on-year basis vs +16.6% in April), clothing and footwear (+6.8% vs +6.4% in April), housing and utilities (+9.8% vs +8.4% in April) and transport (+17.1% vs +16.0% in April).
Meanwhile, core consumer prices increased 15.8% on a year-on-year basis in May, following a 14.8% increase in the prior month.
Finally, consumer prices were up 1.75% in May on a month-on-month basis, following a 2.13% increase in the previous month.