By Modupe Gbadeyanka
For the 16th consecutive time since January 2017, the Consumer Price Index (CPI), which measures inflation, moderated to 11.61 percent year-on-year in May 2018.
This information was revealed on Wednesday by the National Bureau of Statistics (NBS).
The stats office explained that the drop recorded in the inflation rate for last month represented 0.87 percent points less than the rate recorded in April 2018, which stood at 12.48 percent.
According to the data obtained by Business Post, increases were recorded in all COICOP divisions that yield the Headline Index.
On a month-on-month basis, the Headline index increased by 1.09 percent in May 2018, up by 0.26 percent points from the rate recorded in April 2018.
The percentage change in the average composite CPI for the twelve months period ending May 2018 over the average the average of the CPI for the previous twelve months period was 14.79 percent, showing 0.41 percent point lower from 15.20 percent recorded in April 2018.
The urban inflation rate eased by 12.08 percent (year-on-year) in May 2018 from 12.89 percent recorded in April, while the rural inflation rate also eased 11.20 percent in May from 12.13 percent in April.
On month-on-month basis, the urban index rose by 1.10 percent in May 2018, up by 0.25 percent from 0.85 percent recorded April, while the rural index also rose by 1.08 percent in May 2018, up by 0.26 percent from the rate recorded in April (0.82) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 15.10 percent in May 2018. This is less than 15.47 percent reported in April, while the corresponding rural inflation rate in May 2018 is 14.53 percent compared to 14.95 percent recorded in April.
