Nigeria May Inflation Rate at 5-Month High of 11.40%

The annual inflation rate in Nigeria rose slightly to 11.40 percent in May 2019 from 11.37 percent in the prior month. It is the highest inflation rate since December, as prices continued to increase mostly for food.

Year-on-year, prices advanced faster for food (13.79 percent vs 13.70 percent in April); communication (7.67 percent vs 7.59 percent) and alcoholic beverages, tobacco & kola (10.42 percent vs 10.33 percent).

On the other hand, inflation slowed for housing & utilities (7.24 percent vs 7.25 percent); transport (9.07 percent vs 9.24 percent); clothing & footwear (9.94 percent vs 9.95 percent); furnishings (9.37 percent vs 9.43 percent); education (9.09 percent vs 9.32 percent); health (9.44 percent vs 9.56 percent); miscellaneous goods & services (8.70 percent vs 8.85 percent); restaurants & hotels (8.48 percent vs 8.66 percent) and recreation & culture (8.26 percent vs 8.42 percent).

Annual core inflation, which excludes price of volatile agricultural products, fell to 9.03 percent in May from 9.28 percent in April, hitting its lowest level since January 2016.

On a monthly basis, consumer prices went up 1.11 percent, following a 0.94 percent rise in the previous month. It is the highest monthly inflation rate since last July.

Nigeria May Inflation Rate at 5-Month High of 11.40%

National Bureau of Statistics | Luisa Carvalho |
6/17/2019 11:49:00 AM