Nigeria Inflation Quickens to Highest Rate in Over Six Years
- Consumer prices rose 15.6% in May compared with 13.7% in April
- Fuel, food and electricity prices key sources of pressure
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Nigerian inflation accelerated in May to the highest rate since February 2010 as food, electricity and other energy costs drove up prices in Africa’s largest economy.
The inflation rate rose to 15.6 percent from 13.7 percent the month before, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Tuesday. The median of 19 economist estimates compiled by Bloomberg was 14.7 percent. Prices rose 2.8 percent in the month as a result of “an overall increase in general price level across the economy,” the statistics office said.