By Obafemi Oredein
Special to Dow Jones Newswires
IBADAN, Nigeria–Nigeria’s annual rate of inflation rose to 17.71% in May from 16.82% in April, the country’s National Bureau of Statistics said Wednesday.
Food-price inflation rose to 19.50% in May from 18.37% in the previous month, reflecting increases in the price of bread, cereal, potatoes, wine, fish, meat and oils, the NBS said.
Inflation is also rising due to progressive hikes in electricity tariffs and energy prices, the Central Bank of Nigeria said.
Diesel is currently selling at 840 Nigerian naira ($2.01) a liter, from NGN300 a liter eight months ago, with higher costs being passed onto consumers.
Petrol is selling at the government prescribed pump price of NGN165 a liter, after rising to NGN300 to NGN400 a liter in February, during the fuel shortages which have now ended in most parts of the country.
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