This post monitors and report the current inflation rate in Nigeria. According to news sources, Nigerian inflation as at May 2015 is 13.7%. This is about 0.9 percent points higher than the rates recorded in March 2016 (12.8 per cent).
The country’s Consumer Price Index (CPI) for April showed that prices of goods and services surged for the third consecutive month to 13.7 per cent just as food price index soared to 13.2 per cent from March.
Latest report by the National Bureau of Statistics (NBS) made available to InfoGuidenigeria, said on Monday that headline index (year-on-year) increased by roughly 0.9 per cent points from 12.8 per cent rates recorded in March, while food sub-index jumped by 0.4 per cent points from rates recorded in March.
The bureau said the higher rate of increase relative to the previous month reflected in faster increases across all divisions, except the restaurants and hotels division, which rose at a slower pace for the third consecutive month.
The rise in inflation in April followed the lingering structural constraints associated with higher electricity rates, household kerosene prices, the negative impact of higher premium motor spirit, popularly called petrol, prices and vehicle spare parts.
According to the report, the CPI, which has measured inflation in April, recorded a relatively strong increase for the third consecutive month.
It said: “The Headline Index increased by 13.7 per cent (year-on-year), roughly 0.9 per cent points higher than the rates recorded in March (12.8 per cent).
“The higher rate of increase relative to March reflected in faster increases across all divisions which contribute to the index with the exception of the Restaurants and Hotels Division.
“It contributed to the index with the exception of the restaurant and hotels division which increased, albeit at a slower pace for the third consecutive month.
“Lingering structural constraints continue to manifest spillovers in April.
“It continues to manifest as electricity rates, kerosene prices, the impact of higher PMS prices and vehicle spare parts were the largest contributors to the Core Sub Index during the month.”
The report said those items as well as other imported ones continued to have ripple effects across many divisions that contribute to the core.
According to the statement, the food index has reflected tighter supplies across most groups that contribute to the sub-index.
Information is Power!
Don’t miss any valuable information or opportunity that can change your life, business, family positively and permanently.
Subscribe to Blog via Email
✍️ Be Our Guest Publisher!
Do you have a press release, breaking news, or any other helpful information to share with our growing readers? If yes, send your article to 👉 email@example.com.
We will be glad to publish it if the information is useful to our audience.
This post can be helpful to somebody else, please share it on Facebook, Whatsapp, Telegram and Twitter. There are buttons below for this (easy to use too)!
Make money writing for us. Apply for Freelance writing jobs in NIgeria.
Copyright Warning!Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
We publish all contents with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us at [firstname.lastname@example.org] to file a complaint and we will take necessary actions immediately.