The National Bureau of Statistics has reported that inflation rate for the month of May was 9%. This represents a 0.3% rise from April 2014 and the highest month on month percentage change since June/July 2013.

Nigeria’s inflation rate has been rising every month since November 2014 when it was 7.9%. This month’s 9% is incidentally the highest since May 2013 when it hit 9% as well.

According to the National Bureau of Statistics, inflation rose higher due to a higher increase in food prices.

''Food prices edged higher in May as a result of the late onset of rains which have pushed back the harvest season coupled with higher transportation costs due to limited Premium Motor Spirit (PMS) availability. The Food Sub-index rose by 9.8 percent (year-on-year) in May, up by 0.3 percentage points from 9.5 percent in April. All groups which contribute to the Food sub-index increased at a faster pace during the reporting period with the highest year-on-year rises recorded in the Fish, Potatoes, yams and Tubers and Meats groups''.
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