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The National Bureau of Statistics said on Tuesday that Nigeria’s inflation rose to 15.6 percent in May from 13.7 percent recorded in the previous month.

The inflation figures for May is the highest rate recorded by the NBS since February 2010 and comes after the federal government raised pump prices of petrol by 67 percent from N87 per litre to N145 per litre.

“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,” the NBS said.
Driven by higher energy prices and electricity rates, core inflation – which excludes food prices – increased by 15.1 percent in May from 13.4 percent 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 parts groups,” the NBS said.

The statistics agency said imported foods as well as a drawdown of inventories across the country pushed food prices higher in the month under review.

Food inflation increased by 14.9 percent in May, up by 1.7 percent points from the rates recorded in April. The imported food sub-index increased by 18.6 percent in May, 2.2% points from rates recorded in April.

“All major food groups that contribute to the food sub-index increased at a faster pace driven by higher food prices in fish, bread and cereals, and vegetables groups for the second consecutive month,” the NBS said.