From Isaac Anumihe, Abuja
Nigeria’s inflation figures continued their upward trend for the fourth consecutive month peaking at 15.6 per cent in May 2016, from the 13.7 per cent reported in April.
In a report by the National Bureau of Statistics (NBS), factors responsible for the increase are higher food prices particlularly fish, bread and cereals, vegetable groups as well as high prices of imported consumables. Others items responsible for the hike include high electricity tariffs as well as other energy prices; increase in road transport fares for passengers; increase in kerosene, petrol price and vehicle spare parts.
“Imported foods as well as a drawdown of inventories across the country continued to push food prices higher. The food sub- index increased by 14.9 per cent in May, up by 1.7 per cent points from rates recorded in April as all major food groups, which contribute to the food sub-index increased at faster pace driven by higher food prices in fish, bread and cereals and vegetable. In addition, the imported food sub-index increased by 18.6 per cent in May, 2.2 per cent points from rates recorded in April,” the bureau said.
According to the report, findings further revealed that on-month-on-month analysis, after a brief respite in March and April, the rates recorded by headline index increased at a faster pace in May. The index increased by 2.8 per cent, up by 1.1 per cent points relative to rates recorded in April.
Also, NBS said that according to its findings, both urban and rural indices were not spared from price increases.
“On year-on-year, both urban and rural indices recorded marked increase for the fourth consecutive month in May. The urban index rose by roughly 2.1 per cent points from 15.1 per cent to 17.1 per cent,” the report further said.