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LequteMan
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Nigeria's inflation rate for May rose to 15.6 %, its highest point since February 2010, according to figures released on Tuesday by the National Bureau of Statistics, NBS.
The inflation reading was the fourth monthly increase in a row and the NBS said it reflected higher prices for electricity, transport and food, a separate index for which rose to 14.9 percent from 13.2 percent in April.
"The increase in rates in May relative to April reflects an overall increase in general price level across the economy," NBS said.
Analysts have attributed the continued increase in Nigeria's inflation rate to the pressures on the naira. The currency at the moment is trading at up to 40 percent below the official rate on the black market.
In addition, there have been incessant attacks on oil installations by militants in the Niger Delta, bringing production output to 20-year lows. As a result, Nigeria's revenue is severely depleted, as crude oil is cheap at the moment.
The inflation reading was the fourth monthly increase in a row and the NBS said it reflected higher prices for electricity, transport and food, a separate index for which rose to 14.9 percent from 13.2 percent in April.
"The increase in rates in May relative to April reflects an overall increase in general price level across the economy," NBS said.
Analysts have attributed the continued increase in Nigeria's inflation rate to the pressures on the naira. The currency at the moment is trading at up to 40 percent below the official rate on the black market.
In addition, there have been incessant attacks on oil installations by militants in the Niger Delta, bringing production output to 20-year lows. As a result, Nigeria's revenue is severely depleted, as crude oil is cheap at the moment.
