The National Bureau of Statistics on Thursday released the Consumer Price Index for the month of May, stating that inflation in the country rose by 0.3 percentage points from 8.7 per cent recorded in April to nine per cent.

The bureau, in the report made available to our correspondent, blamed the increase in inflation on the upward trend witnessed in the prices of fish, potatoes, yam and meats.

The report stated, “In May, the Consumer Price Index, which measures inflation, rose to 9.0 per cent (year-on-year), 0.3 percentage points from the 8.7 per cent rate recorded in April.

“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 availability.

“The Food Sub-index rose to 9.8 per cent (year-on-year) in May, up by 0.3 percentage points from 9.5 per cent 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 rise recorded in the fish, potatoes, yams and tubers, and meats groups.”

The report added that the pace of advances recorded by the “All Items less Farm Produce” or Core Sub-index increased for the fifth consecutive month in May.

The Core Sub-index, according to the report, increased by 8.3 per cent (year-on-year), 0.6 percentage points from the 7.7 per cent recorded in April, with the highest pressures observed in the housing, water, electricity, gas and other fuels; alcoholic, tobacco and kola; and transportation divisions.


http://www.punchng.com/business/business-economy/inflation-rises-to-9-nbs/

Inflation up.
An inflation rate of below 5 percent should be it.