Nigeria’s annual inflation rises to above six-year high of 15.6 percent in May

LAGOS, June 14 (Reuters) – Annual inflation in Nigeria quickened to a more than six-year high of 15.6 percent in May, the fourth consecutive month in which it has accelerated, the National Bureau of Statistics said on Tuesday.

A sharp drop in oil prices has slashed government revenues. The country relies on crude sales for around 70 percent of national income.

The inflation rate, the highest since February 2010, was boosted by a higher cost of food, electricity and transport.

“The increase in rates in May relative to April reflects an overall increase in general price level across the economy,” said the statistics office.

The food price index rose to 14.9 percent, up from 13.2 percent in April. (Reporting by Chijioke Ohuocha and Alexis Akwagyiram)

Source: Reuters