Dipo Olowookere
By Dipo Olowookere
The National Bureau of Statistics (NBS) has disclosed that in May 2021, the inflation in Nigeria moderated to 17.93 per cent year-on-year from 18.12 per cent in April 2021.
This 0.19 per cent decline in the consumer price index (CPI) was influenced by the easing of the food index to 22.28 per cent year-on-year in May 2021 from 22.72 per cent year-on-year in April 2021.
In the inflation data released by the NBS on Tuesday, it was disclosed that on a month-on-month basis, the headline index increased by 1.01 per cent in May 2021, 0.04 per cent higher than the 0.97 per cent recorded in April 2021.
The report also said in the period under review, the urban inflation rate stood at 18.51 per cent (year-on-year) in May 2021 in contrast to 18.68 per cent in April 2021, while the rural inflation rate was 17.36 per cent in May 2021 as against 17.57 per cent in April 2021.
On a month-on-month basis, the urban index was 1.04 per cent in May 2021, 0.05 per cent higher than 0.99 per cent recorded in April 2021, while the rural index was 0.98 per cent in May 2021, 0.03 per cent higher than 0.95 per cent in April 2021.
It was disclosed that in May 2021, all items inflation on a year-on-year basis was highest in Kogi at 25.13 per cent, Bauchi at 23.02 per cent and Sokoto at 20.11 per cent, while Katsina at 15.69 per cent, Imo at 15.52 per cent and Delta at 14.85 per cent recorded the slowest rise in the headline inflation.
But on a month-on-month basis, all items inflation was highest in Kogi at 2.22 per cent, Ogun at 2.17 per cent and Cross River at 2.07 per cent, while Ekiti at 0.02 per cent recorded the slowest rise, with River and Sokoto recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate), according to the stats office.
As for the food index, the NBS said last month, there were increases in prices of bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats and vegetables.
As for the food inflation, on a year-on-year basis, it was highest in Kogi at 32.82 per cent, Kwara at 26.02 per cent and Enugu at 25.43 per cent, while Akwa Ibom at 20.06 per cent, Bauchi at 18.65 per cent and Abuja at 16.91 per cent recorded the slowest rise.
However, on a month-on-month basis, food inflation was highest in Kogi at 3.11 per cent, Ogun at 2.89 per cent and Anambra at 2.37 per cent, while Edo, Sokoto and Ekiti recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
